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Hello there
So today I found two seperate questions in the kaplan book and it seems to be conflicting with each other
Question no 135 asked whether the following statement is true or false
“When an item of property,plant and equipment is revalued there is no requirement that the entire class of assets to which the item belongs must be revalued”
This statement is apparently false
I don’t understand why because in your lecture notes it says
“If one asset in a class is revalued, then all assets in that class should be revalued.”Also immediately after there is another question that was exactly like this asking
“If the revaluation model is used for property, plant and equipment,all items of property plant and equipment must be subject to revaaluation”For this the answer was obviusly true and the correct answer also said that it is true
But doubt is why are both of these statements that look exactly the same showing two different answers???
The first statement is false because there is a requirement that all of the assets must be revalued. The statement says there there is no requirement and that is not true.
What is in my lectures notes and in the second statement you quote is true, because they both state that all the assets must be revalued.
Yes that”s what I also thought
I meant to say that the second quote was saying “false”
I think I accidentally typed it as falseThe book answer in kaplan said it is false
I don’t know why it said false since all class of assets are supposed to be revalued right???
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