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Under IFRS, according to the revaluation model, an item of property, plant, and equipment must be carried at ?

A. Cost minus any accumulated depreciation.

B. Cost minus residual value.

C. Fair value minus any subsequent accumulated depreciation and impairment losses.

D. The lower of cost or net realizable value.

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Question added by Deleted user
Date Posted: 2015/03/19
Muhammad Nadeem Khan
by Muhammad Nadeem Khan , Head Of Finance , Shaheen Services Pvt Ltd

C. Fair value minus any subsequent accumulated depreciation and impairment losses.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Option >>>>>>>>>>>>>>>>>>>>>>> C. Fair value minus any subsequent accumulated depreciation and impairment losses.

Muhammad Ramzan Tufail  ACCA
by Muhammad Ramzan Tufail ACCA , Assistant Finance Manager , Eltizam Asset Management Group

(C) is the Correct Ans.

 

Cost models describe that PP & E should be recognized at cost less and accumulated depreciation, But the revaluation model describe that PP & E should be recognized at Revalued amount. And the revalued amount is the fair value minus any subsequent accumulated depreciation and impairment losses.

 

 

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