CERTYNEX IFRS ACADEMY

Corvesne's accounting procedure states: "IFRS 13 requires us to measure our property, plant and equipment at fair value every year." What is the error?

Property, plant and equipment is excluded from the scope of IFRS 13 in all cases.

IFRS 13 requires fair value only for financial instruments, not for other assets, which would remain at historical cost.

IFRS 13 does not say when to measure at fair value: the standard applicable to the item requires or permits it.

An annual frequency is too high: IFRS 13 requires a measurement every three years.