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
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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