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Accounting Standard IAS 16/AASB 116 Requires What Basis of Valuation

Question 53

Multiple Choice

Accounting standard IAS 16/AASB 116 requires what basis of valuation to be used if assets are valued at other than cost?

A) Market value
B) Fair value
C) No basis of valuation is specified
D) The lower of cost and net realisable value

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