IAS 16 related

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May 2, 2010 at 10:24 am #43697
Anonymous
Inactive
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Hey Werty:

I find the following statement somewhat difficult to understand. Could you possibly elaborate the meaning:

“Companies can adopt a policy of revaluing assets if they wish. If they revalue assets the carrying amount should approximate to the fair value at the reporting date”

Thank you.

Best wishes,

SK
May 2, 2010 at 4:23 pm #59863
MikeLittle
Keymaster
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Hi! Does it not mean that the revalued amount as at the year end should be somewhere close to the fair value as at the year end?
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