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Which of the following details should be disclosed in respect of the revaluation of the head office if the auditor is to conclude that the disclosures are adequate?
1 Effective date of the revaluation
2 Name of the valuer
3 The amount of the revaluation increase
4 Carrying amount of the head office under the cost modelmaam the answer to above is 1,3 and 4. i wanted to ask why not 2 also? Wont it be relevant information for users to know who revealued the head office?
The IAS 16 requirement is to disclose:
– the effective date of the revaluation;
– whether an independent valuer was involved
…..So it is useful information to know whether or not the valuation was independent – but the expert is not required to be named. That said, a company many CHOOSE to disclose who the valuer was – it’s simply not a requirement.
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