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Which accounting standard provides guidance on the recognition and measurement o
Which accounting standard provides guidance on the recognition and measurement of depreciation?
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Practice Questions
1 question
Q1
Which accounting standard provides guidance on the recognition and measurement of depreciation?
IFRS 15
IAS 16
IFRS 9
IAS 38
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IAS 16 provides guidance on the recognition and measurement of property, plant, and equipment, including depreciation.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard provides guidance on the recognition and measurement of depreciation?
Solution:
IAS 16 provides guidance on the recognition and measurement of property, plant, and equipment, including depreciation.
Steps: 3
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 standard. The standard that deals with property, plant, and equipment is IAS 16.
Step 3: Recognize that IAS 16 provides guidance on how to measure and recognize depreciation for these assets.
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