18. Which of the following statements is Incorrect? *The fair value of investment property shall reflectmarket conditions at the end of the reportingperiod.The fair value of investment property is the priceat which the property could be exchangedbetween knowledgeable, willing parties in an arm'length transaction.There is a rebuttable presumption that an entity-O can reliably determine the fair value of aninvestment property on a continuing basis.If an entity determines that the fair value of aninvestment property is not reliably determinableon a continuing basis, the entity shall measurethat investment property using the revaluationmodel.

Investment- Investment is defined as the purchase of an asset in order to generate income or capital…

Answered: 18. Which of the following statements…

18. Which of the following statements is Incorrect? * The fair value of investment property shall reflect market conditions at the end of the reporting period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

18. Which of the following statements is Incorrect? *
The fair value of investment property shall reflect
market conditions at the end of the reporting
period.
The fair value of investment property is the price
at which the property could be exchanged
between knowledgeable, willing parties in an arm'
length transaction.
There is a rebuttable presumption that an entity-
O can reliably determine the fair value of an
investment property on a continuing basis.
If an entity determines that the fair value of an
investment property is not reliably determinable
on a continuing basis, the entity shall measure
that investment property using the revaluation
model.

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