Global companies may use the revaluation model allowed by International Accounting Standard 16 to record plant assets.
Question:
Global companies may use the revaluation model allowed by International Accounting Standard 16 to record plant assets. After initially recording an asset at cost, this model revalues an asset at its fair market value less subsequent depreciation, if fair market value can be measured reliably.
INSTRUCTIONS
Define fair market value. How would revaluation affect the income statement?
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Fair market value is the price that an asset would fetc...View the full answer
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