Question: Should accounting for revaluation increases and decreases be done on an asset-by-asset basis or on class-of-assets basis?

Should accounting for revaluation increases and decreases be done on an asset-by-asset basis or on class-of-assets basis?

Step by Step Solution

★★★★★

3.55 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Paras 3638 of IAS 16 state 36 If an item of property plant and equipment is revalued the ent... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

921-B-A-F-R (3131).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

3. (20 points) Consider the composite beam illustrated in fig. 3. The beam is comprised of wood and steel, as shown in the cross-section view, along with the dimensions. Assume that Ewood = 15 GPa...

Q:

When, and why, must tax-effect be considered in accounting for revaluation increases and decreases?

Q:

What differences occur between asset-by-asset or class of asset bases in accounting for revaluation increases and decreases?

Q:

Utilizing the CAFR obtained for Exercise 117, answer these questions. a. General and Other Capital Assets: (1) Reporting of Capital Assets. Are capital assets reported as a line-item in the...

Q:

Q8. (a) Statement of profit or loss and other comprehensive income for the year ended 30 June 2013; (b) Statement of financial position as at 30 June 2013; (c) Statement of movement of property,...

Q:

Q8. (a) Statement of profit or loss and other comprehensive income for the year ended 30 June 2013; (b) Statement of financial position as at 30 June 2013; (c) Statement of movement of property,...

Q:

Should accounting for revaluation increases and decreases be done on an assetbyasset basis or on a classofassets basis?

Q:

Read Accounting Headline 7.9 and, adopting a Positive Accounting Theory perspective, consider the following issues: a)If a new accounting standard impacts on profits, should this impact on the value...

Q:

I need help with a last minute Accounting 1 assignment. My regular tutor is off the grid so I am looking for a replacement. I have created the outline for you and enclosed the rubric, plus all f the...

Q:

Just Question 1~3 with full explanation including organization, facts, issues, applicable literature (GAAP, IFRS), analysis, and conclusion. Thanks! Case 10-2 Ida's Impairment Ida Inc. (Ida) is a...

Q:

5. Consider the items included in property, plant and equipment. Illustrate whether these items are measured according to cost or fair value in the report. Explain, supporting your answer, which...

Q:

The following information pertains to Kwon Corp. at January 1, 2010. Common stock , $10 par, 50,000 shares authorized, 2,000 shares issued and outstanding $20,000 Paid-in capital in excess of par,...

Q:

1. Results from previous studies showed 79% of all high school seniors from a certain city plan to attend college after graduation. A random sample of 200 high school seniors from this city reveals...

Q:

Question 6 6 . A cube of ice is melting so that the edge, \ ( x \ ) , is decreasing at the rate of 2 inches per hour. Write the equation for the volume, V , first and then determine how fast the...

Q:

A biological fluid moves at a flow rate of m = 0.02 kg/s through a coiled, thin-walled, 5-mm-diameter tube submerged in a large water bath maintained at 50C. The fluid enters the tube at 25C. (a)...

Q:

The figure shows graphs of the marginal revenue function R and the marginal cost function C for a manufacturer. [Recall from Section 4.8 that R(x) and C(x) represent the revenue and cost when units...

Q:

The scale of the universe (the average distance between galaxies) at any one moment is believed to have been inversely proportional to the absolute temperature. Estimate the size of the universe,...

Q:

A stereo amplifier is rated at 150 W output at 1000 Hz. The power output drops by 10 dB at 15 kHz. What is the power output is watts at 15 kHz?

Q:

Prove that for any pair of vertices u and v and any capacity and flow functions c and f, we have cf (u, v) + cf (v, u) = c(u, v) + c(v, u).

Q:

Use your estimated MTE to construct a measure of the average treatment effect on the Treated.

Q:

What must be included in the annual financial statements issued by a funding agency?

Q:

Does FASB Statement No. 87 specify the minimum amount that a company must pay into its pension fund each year? If not, how is the amount determined?

Q:

What is a pension plan settlement? Curtailment? How should the net gain or loss from a settlement or curtailment be accounted for by a company according to FASB Statement No. 88?

Q:

Some diversification benefits can be achieved by combining securities in a portfolio as long as the correlation between the securities is: less than + 1 . equal to + 1 between 0 and + 1 . less than...

Q:

Let X1, ..., Xn be independent and identically distributed (iid) random variables from Binom(m, p). Assume m is known. (e) Derive the the Cramer-Rao lower bound (CRLB) for the variance of unbiased...

Q:

Do you believe the emergence of limited liability companies has revolutionized credit risk analysis and i s it true that non-financial institutions also have significant credit risk exposure? Please...