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Which accounting standard primarily governs the treatment of depreciation?
Which accounting standard primarily governs the treatment of depreciation?
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Practice Questions
1 question
Q1
Which accounting standard primarily governs the treatment of depreciation?
IFRS 15
IAS 16
IFRS 9
IAS 2
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IAS 16 governs the accounting treatment of property, plant, and equipment, including depreciation.
Questions & Step-by-step Solutions
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Q
Q: Which accounting standard primarily governs the treatment of depreciation?
Solution:
IAS 16 governs the accounting treatment of property, plant, and equipment, including depreciation.
Steps: 5
Show Steps
Step 1: Understand what depreciation is. Depreciation is the process of allocating the cost of a tangible asset over its useful life.
Step 2: Identify the relevant accounting standards. There are various accounting standards that deal with different aspects of accounting.
Step 3: Focus on IAS 16. IAS 16 is the International Accounting Standard that specifically addresses property, plant, and equipment.
Step 4: Recognize that IAS 16 includes rules for how to calculate and report depreciation for these assets.
Step 5: Conclude that IAS 16 is the primary standard governing the treatment of depreciation.
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