HE Ltd is a company incorporated in SG and prepares its financial accounts based on the Singapore Financial Reporting Standards. It purchased a machine on 1/1/20X1 for $150,000. The machine has a useful economic life of 10 years and zero residual value. On 1/1/20X4, the company revalued the machine to its current fair value of $180,000. Assume that the current gross carrying amount of the machine as at 1st Jan 20X4 by reference to observable market data is $255,000. Illustrate with journal entries to show the revaluation of the machine by restating the gross carrying amount of the machine by reference to observable market data.

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.