- 1 Marks
Question
In the notes to the financial statements, which of the following is NOT required to be disclosed regarding property, plant and equipment under IAS 16?
- A. The fair value of the assets at the beginning and end of the period
- B. The current market value of the assets at the end of the period
- C. The gross carrying amounts and accumulated depreciation at the beginning and end of the period
- D. The expected useful lives of the assets and their residual values
- E. The total amount of additions made to the property, plant and equipment during the year
Answer
B. The current market value of the assets at the end of the period
Explanation: The answer B is correct as IAS 16 does not require disclosure of the current market value, but other disclosures are necessary.
- Tags: Disclosure Requirements, IAS 16, Plant and Equipment, Property
- Level: Level 1
- Uploader: Theophilus