Question

IFRS are based on :
a)Fair value
b) Historical Value
c)None of these ​

Answer 1

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Answer 2

Answer:

As per Indian GAAP, in India, we are following historical based accounting. However, IFRS, at the global level, requires fair value based accounting. Depreciation on the fixed asset is getting calculated on historical cost while Impairment on the assets is getting derived based on their fair value