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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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If a French company using IFRS revalued its property, plant, and equipment upwards due to an increase in its fair value, where would the revaluation appear on its financial statements? How would the company account for a subsequent downward revaluation?

To determine

Explain appearance of the revaluation of property, plant, and equipment upwards due to increase in its fair value on financial statements and also explain the subsequent downward revaluation.

Explanation

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

When there is a revaluation of property, plant, and equipment upward, it creates a revaluation reserve account...

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