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Explain the rationale behind the accounting standard

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Reference no: EM132634246

Question - 'According to IAS 16/AASB 116, an item of property, plant and equipment that qualifies for recognition must be recorded at cost, representing the fair value of any assets given up in order to acquire them.

Would it not be better to record the assets acquired at their own fair values rather than at those of the assets given up?'

Discuss this suggestion and explain the rationale behind the accounting standard. Do you agree with this rationale? Why or why not?

Reference no: EM132634246

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