Accounting · IFRS Standards
IFRS 13 refers to the 'highest and best use' of non-financial assets. What does this concept primarily address?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The use of the asset that is physically possible, legally permissible, and financially feasible, and that maximizes the value from a market participant perspective✓
- 2The use of the asset that minimizes the asset's tax consequences for the entity
- 3The use of the asset that maximizes the reporting entity's internal rate of return, regardless of market participant assumptions
- 4The use of the asset that aligns most closely with management's current business strategy and budget
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The use of the asset that is physically possible, legally permissible, and financially feasible, and that maximizes the value from a market participant perspective
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