Which of the following statements are true about the revaluation model per IAS 16 Property, Plant and Equipment? 1) Excess depreciation as a result of a revaluation exercise can be transferred between reserves 2) Depreciation must be charged based on the historical cost of the asset 3) All assets of the same class must be revalued 4) Valuations must be independent and carried out regularly Which is correct ? a) 1, 3 and 4 b) All of the above c) 1 and 3 d) 2, 3 and 4
Which of the following statements are true about the revaluation model per IAS 16 Property, Plant and Equipment? 1) Excess depreciation as a result of a revaluation exercise can be transferred between reserves 2) Depreciation must be charged based on the historical cost of the asset 3) All assets of the same class must be revalued 4) Valuations must be independent and carried out regularly Which is correct ? a) 1, 3 and 4 b) All of the above c) 1 and 3 d) 2, 3 and 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Which of the following statements are true about the revaluation model per
IAS 16 Property, Plant and Equipment?
1) Excess
transferred between reserves
2) Depreciation must be charged based on the historical cost of the
asset
3) All assets of the same class must be revalued
4) Valuations must be independent and carried out regularly
Which is correct ?
a) 1, 3 and 4
b) All of the above
c) 1 and 3
d) 2, 3 and 4
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education