Final answer:
Under IFRS, it is not mandatory to report property, plant, and equipment at historical cost.
Step-by-step explanation:
False. Under International Financial Reporting Standards (IFRS), property, plant, and equipment can be reported at either historical cost or fair value.
Historical cost refers to the original cost of acquiring the assets, including any directly attributable costs. Fair value, on the other hand, is the amount that the assets could be exchanged for between knowledgeable and willing parties in an arm's length transaction.