Upon first-time adoption of IFRS, an entity may elect to use fair value as deemed cost for
Choice A - Biological assets related to agricultural activity for which there is no active market.
Choice B - Intangible assets for which there is no active market.
Choice C - Any individual item of property, plant, and equipment.
Choice D - Financial liabilities that are not held for trading.
Choice B - Intangible assets for which there is no active market.
Choice C - Any individual item of property, plant, and equipment.
Choice D - Financial liabilities that are not held for trading.
Choice “C” is correct because the entity may use fair value as deemed cost for any individual item of property, plant and equipment upon adoption of IFRS.