IFRS permits companies to carry assets at historical cost or use a revaluation model for fixed assets According to IAS 16, if revaluation is used 1 it must be applied to all assets in a class of assets 2 assets must be revalued on an annual basis 3 assets must be depreciated on the straight line ba...

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IFRS permits companies to carry assets at historical cost or use a revaluation model for fixed assets.

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IFRS permits companies to carry assets at historical cost or use a revaluation model for fixed assets.

According to IAS 16, if revaluation is used:

1. it must be applied to all assets in a class of assets.
2. assets must be revalued on an annual basis.
3. assets must be depreciated on the straight-line basis.
4. salvage values must be zero.

1 is correct.

2 is correct.

1 and 2 are correct.

all of the choices are correct.

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International Accounting

ISBN: 978-0078110955

3rd Edition

Authors: Timothy Doupnik, Hector Perera

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Posted Date: Nov 01, 2023 04:25 AM

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IFRS permits companies to carry assets at historical cost or use a revaluation model for fixed assets.

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