How should an asset be initially recognised in the financial statements?

Related MCQs

• Which of the following statements are true? I) Financial statements are only interim report. II) Financial statements are also known as annual records. III) Financial statements are historic.
• Which of the following is true about financial statements? I)Financial statement gives a summary of accounts. II) Financial statements can be stated as recorded facts.
• Whether financial reviews by management, environment reports and value added financial statements are outside the scope of international financial reporting standards (IFRSs)?
• When an asset is sold or disposed of, where is the gain or loss recognised?
• Where is the amortisation of an intangible asset recognised?
• Grants related to depreciable assets should be recognised as……., in the period in which their depreciation is charged
• As per IAS 1, Presentation of financial statement, ______ no of items would constitute complete set of financial statements.
• Under Ind AS 1 how often should financial statements be prepared?
• An entity shall explain how the transition from previous GAAP to IFRSs __________ its reported financial position, financial performance and cash flows.
• Under Ind AS 16 how often the useful life of an asset should be reviewed?