Question: Under the revaluation model, how is a revaluation decrease accounted for?

Under the revaluation model, how is a revaluation decrease accounted for?

Step by Step Solution

★★★★★

3.29 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Para 40 of IAS 16 states If an assets carrying amount is decreased as a result of a revalu... 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 (3129).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

How is the revaluation surplus handled under the revaluation model?

Q:

Under the revaluation model, how is a revaluationincrease accounted for?

Q:

On January 1, 2014, ABC Company acquires a building at a cost of $125,000. The building is expected to have a 25-year life and no residual value. The asset is accounted for under the revaluation...

Q:

5) How should the recoverability of the carrying amount of property, plant & equipment be accounted for? 6) How should any revaluation surplus from a revalued asset be treated if the revalued asset...

Q:

8) Explain the effect on the company's financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial...

Q:

Explain the effect on the companys financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial...

Q:

Explain the effect on the companys financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial...

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:

What you understand by cryptocurrencies? Explain the accounting standards might be used to account for cryptocurrency. How IFRS 13 has been applied? How IAS 38, Intangible Assets can define...

Q:

Required: Select the best answer for each of the following unrelated questions. 1) Which of the following does NOT apply to the capitalization of borrowing costs for the purchase of assets? a) They...

Q:

f(x) = 2(10)x, g(x) = -2(10)x Graph both functions by hand on the same coordinate system.

Q:

Benson Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Benson has budgeted sales as indicated in the following table. The company expects...

Q:

A project has the following data points: discounted benefits of $423,000 and discounted costs of $143,200. What is the ROI % ?. Question 11 options: 112 195 95 221

Q:

Measure that ball: Each of 16 students measured the circumference of a tennis ball by two different methods: A: Estimate the circumference by eye. B: Measure the circumference by rolling the ball...

Q:

Answer the following concerning the Almanac of Business and Industrial Financial Ratios: a. This service presents statistics for how many size categories of firms? b. Indicate some of the industries...

Q:

Using The Department of Commerce Financial Report discussion in the text, answer the following: a. Could we determine the percentage of total sales income after income taxes that a particular firm...

Q:

a. What is the SIC number? How can it aid in the search of a company, industry, or product? b. What is the NAICS number? How can it aid in the search of a company, industry, or product?

Q:

Question 1 Shinoda Corp, has 9.34 percent coupon bonds making annual payments with a YTM of 6.71 percent. The current yield on these bonds is 7.63 percent. How many years do these bonds have left...

Q:

Best Co. has 100 million common shares outstanding currently selling for $40/share. It has a dividend yield of 3% (hint: dividend yield is calculated as dividends paid in the last 12 months divided...

Q:

Here is some price information on Fincorp stock. Suppose first that Fincorp trades in a dealer market. Bid Asked 55.25 55.50 Suppose you have submitted an order to your broker to buy at market. At...