Question

The notes in the annual report, which follow the financial statements should be reviewed to determine whether a company that follows IFRS chose to record its tangible and intangible assets at historical ___ or ___ value

Answer 1

A company following IFRS may record its assets at historical cost or fair value, depending on accounting policies and regulations.

Step-by-step explanation:

In an annual report, a company that follows International Financial Reporting Standards (IFRS) may choose to record its tangible and intangible assets at historical cost or fair value.

Historical cost refers to the original cost of acquiring or producing an asset, while fair value represents the current market value of the asset.

The choice between recording assets at historical cost or fair value depends on the accounting policies and regulations of the country and the specific circumstances of the company.