Alternative accounting rules under the Companies Act modify the historical-cost convention, allowing for the valuation of certain assets at current or market value.
An accounting method of presenting financial information on different bases such as historical-cost convention, modified historical-cost convention, and replacement cost, in a columnar format to facilitate better understanding by users.
Property, Plant, and Equipment (PP&E) are tangible fixed assets used in operating a business. This category includes land, buildings, machinery, fixtures, and other types of equipment that are expected to be used over multiple accounting periods.
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