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Hi
Is Revaluation of PPE mandatory ? If not what events call for a revaluation?
Thanks
‘Is Revaluation of PPE mandatory?’
NO!
‘If not what events call for a revaluation?’
The directors decide to revalue the entity’s assets
Hi, IAS 40 accounting for investment property says that changes in fair value i.e gain or loss should be credited or debited to the income statement.Suppose at 31/12/2008 a property had a fair value of $500,000 which becomes the carrying amount as at 01/01/2009.We are then told that after revaluation this property had a fair value of $700,000 as at 31/12/2009.Kindly, explain the treatment of the change in fair value.I’m having problems in understanding it at whether it should be shown in other comprehensive income.
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