term1 Definition1term2 Definition2term3 Definition3
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Recognition criteria (2)
1. Probable future economic benefit
2. Cost can be reliably measured
Two valuation models:
Cost model - historical cost
Revaluation model - fair value
(Both options only available under IFRS)
Capitalized costs
- purchase price
- cost to bring asset operational
- cost to dismantle, ARO, ect
- borrowing costs (ASPE can either capitalize interest or expense)
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