Question Details

Assets acquired through government grants are generally recorded at fair value.



TRUE OR FALSE:
1.	When a company acquires an asset through a government grant, the asset's cost is zero so the cost recorded is the direct cost, such as legal fees, incurred.

	2.	Assets acquired through government grants are generally recorded at fair value.
	3.	When an asset acquired through a government grant is recorded on the books, equity will increase by the cost of the asset.

	4.	IFRS requires the income approach to account for assets received through government grants.

	5.	Under IFRS, all gains on non-monetary exchanges are recognized, regardless of whether the transaction has commercial substance or not.




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