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Dear Mr Little,
Please, have a look on this one.
Gain on revaluation takes place only at the disposal of an asset.
Is this statement correct?
Is that it? That surely depends on how you define “gain”
Gain is realised on disposal, but it’s recognised through the revaluation reserve in the periods before disposal
Dear Sir,
So if realised, its at disposal; if recognized, its before disposal?
I’m not prepared to stick my neck out on this
I’ve never before thought about it
I’ve never before had to think about it
Where have you got the question from?
It seems that my original reply could well be correct but, as I say, I’m not going to be definitive about it
@mikelittle said:
Then I would say the statement was falseDear Sir, i did excatly the same. There were four statements, and i chose another two, which were definitely correct as far as I remember
Listen! You can’t do that to me! If you want me to answer a question, you have to give me the question! Not half a question
Don’t do that to me again – ever!
And don’t give me a question where you’re not sure what the question was!
Mr Little, sorry for that, by no means I was planning to offend you in any way. I asked for this statement because this one particularly got my attention and I was interested in anslyzing this statement in isolation. Sorry for any inconvenience caused
But just imagine, for the future, what you did …. you asked me a question without giving me all the possible answers
That’s like saying “Which direction shall we take, North or South?” without telling me about the possibilities of East and West
I’ll get over it (sometime) (probably) so let’s move on – there’s nothing you can do about the exam now anyway
Dear Sir,
My apologies once again.
To eliminate uncertainty, the statement in isolation looked like this: Gsin on revaluation is realised only at the disposal.
I chose it to be false because the surplus can also be realised over time as the asset is used by the entity.
Hope my approach is right. Thanks.
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