Which of the Following Statements Is NOT Correct in Relation

question 19

Multiple Choice

Which of the following statements is NOT correct in relation to disclosure of property, plant and equipment balances:

• A) Paragraph 79 of IAS 16 contains disclosure that are encouraged, but not required in relation to property, plant and equipment.
• B) An entity must disclose the useful life estimates for each class of assets.
• C) A summary of movements in the revaluation surplus is required to be disclosed.
• D) Information on assets carried at revalued amounts must be disclosed on an individual asset basis.

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Definitions:

Checklist

A comprehensive list of items or tasks that need to be completed, often used for verification, inspection, or procedural purposes.

Invoice Approval

The process of reviewing and verifying supplier invoices before payment is made, ensuring the amounts billed are accurate and authorized.

Check Authorization

A process used in financial management where a check's validity and accuracy are verified before it's processed for payment.

Depositor's Account

An account maintained by a depositor at a financial institution, representing deposited funds that can be withdrawn.