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IFRS – Exam i) Depreciation is the actual reduction in value of an asset with time particularly due to wear and tear that results from continuous usage of the asset. For instance, an office asset such as a photocopier has moving parts. With time, and due to continuous usage, the moving parts experience wear and tear and thus a reduction in their original value.ii) The cost model of measuring value of assets after recognition involves capitalization of an asset after which the model requires carrying cost of the asset must be measured as cost subtracting accumulated depreciation and the ultimate impairment of the asset. It is similar to the inventorys lower of cost or market concept in this model, impairment is debited as expense.iii) The revaluation model on the other hand requires that asset is taken at its raised amount which is its fair value at the time of revaluation and then subtract depreciation and impairment of the asset. For instance, if a revaluation results in rise in value of an asset, it should be credited to equity. iv) The identifiability of intangible assets concept requires an intangible asset be taken as a recognizable non-monetary asset that lacks physical substance and has the capacity to bring in economic benefits in the future. For instance, trademarks and copyrights.v) The control of intangible assets requires that the ownerships of intangible assets uses them to reap economic benefits in the future. For instance, copyrights protect original from adaptation without permission. Trademarks on the other hand represent brands which are legally protected. vi) Future economic benefits from intangible assets entails all the advantages accrued to a business due to intangible assets. For instance, copyrights prevent adaptation of original works and compositions to prevent others from benefitting illegally thereby bringing benefits in the future. RERERENCES