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Knowledge Check 01 Which of the following statements about donated assets are true? ...

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Accounting

Knowledge Check 01
Which of the following statements about donated assets are true?
Note: Select all that apply.
Check All That Apply
IFRS requires that companies value donated assets at their fair values.
IFRS requires that companies value donated assets at their fair values.
U.S. GAAP requires that companies value donated assets at their fair values.
U.S. GAAP requires that companies value donated assets at their fair values.
U.S. GAAP requires that the amount of grant be deducted in determining the initial cost of an asset donated to the company by a governmental entity.
U.S. GAAP requires that the amount of grant be deducted in determining the initial cost of an asset donated to the company by a governmental entity.
Under IFRS, donated assets received through government grants are recorded as revenue.

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