Revaluation and derecognition F7 Financial Reporting ACCA Qualification Students
When the revaluation model is used, assets are carried at their fair value, defined as ‘the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction’. Revaluation gains Revaluation gains are recognised in equity unless they reverse revaluation losses on the same asset that were previously recognised in …
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