WHAT IS THE THEORY THAT EXPLAINS THE RECORD OF ASSET IN IT'S ORIGINAL PURCHASE PRICE?

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Assets are recorded at their original purchase price according to the?
Posted by:
RASHID K V
26-May-2015

Accounting Sales

Question added by Samuel Loveday , Management Accountant , Mopheth Nigeria Limited
Date Posted: 2015/05/19

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1 Answers

by Saidul Alam , Accountant , Akhtar Al Balushi Trad. & Cont. L.L.C

According to IAS16, Property Plant Equipment

All assets should be recorded at lower off carring amount or NRV. So if any one want to show original purchase price it will be wrong posting.

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