With regard to IAS 16 Property, Plant and Equipment, which of the following statements is true?   A         Any assets where management believe the carrying amounts and market values are materially different may be revalued B         Assets which are carried under the revaluation model must be revalued every five years C         Increases in value on an initial revaluation are always credited directly to equity D        The fair value of land and buildings must be determined on an existing use basis

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 1E: Inclusion in Property, Plant, and Equipment Guthrie Inc. must determine whether the following items...
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  • With regard to IAS 16 Property, Plant and Equipment, which of the following statements is true?

 

A         Any assets where management believe the carrying amounts and market values are materially different may be revalued

B         Assets which are carried under the revaluation model must be revalued every five years

C         Increases in value on an initial revaluation are always credited directly to equity

D        The fair value of land and buildings must be determined on an existing use basis

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