in IAS 16 - Property, Plant and Equipment by
co. has adopt a cost model to recognize the asset in the books of account.Can co. opt for revaluation of land alone out of entire Property,plant and equipment. Can Co. choose revaluation model for land alone and cost model for rest of asset.can you please advice me.

can we determine the useful life of asset without the assistance of qualified valuer(independent valuer) with the assistance of technical person within co.
 And can you please suggest me how should i determine the residue value of asset.

Please log in or register to answer this question.

1 Answer

0 like 0 dislike
by Level 2 Member (2.8k points)
Yes, can choose revaluation model for land and cost model for rest of the assets classified as property, plant and equipment. However, they will need to revalue each piece of land it has and not any specific piece of land that it owns.
Yes, the company can determine the useful life of asset without the assistance of qualified valuer with the assistance of technical person within company since the IAS has not provided any specific guideline with respect to personnel for revaluation.
You determine the residue value of asset by asking the supplier, assessing the market value at the time of disposal, the exchange value that can be obtained at the time of its disposal etc.

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers on Accounting-related questions.

Get AccountantAnswer App

Categories



...