Bayt.com

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

WHAT IS THE THEORY THAT EXPLAINS THE RECORD OF ASSET IN IT'S ORIGINAL PURCHASE PRICE?

Accounting Sales
user-image
Question added by Samuel Loveday , Management Accountant , Mopheth Nigeria Limited
Date Posted: 2015/05/19
Upvote (0) Views (3) Followers (1) Answers (1) Report Question
Write an Answer
Register now or log in to answer.
Saidul Alam
by Saidul Alam , Accountant , Akhtar Al Balushi Trad. & Cont. L.L.C

According to IAS16, Property Plant Equipment

 

All assets should be recorded at lower off carring amount or NRV. So if any one want to show original purchase price it will be wrong posting.

 

Write Your Answer
More Questions Like This