IMPAIRMENT UNDER THE REVALUATION MODEL Impairment is only relevant to assets carried under the cost model. For

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IMPAIRMENT UNDER THE REVALUATION MODEL ‘Impairment is only relevant to assets carried under the cost model. For assets carried under the revaluation model, such as our land and buildings, increases and decreases in fair value dictate whether carrying amounts are adjusted up or down. We don’t bother testing land and buildings for impairment.’ Required Critically evaluate the above statement. CASE STUDY

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Financial Reporting

ISBN: 978-0730363361

2nd Edition

Authors: Janice Loftus ,Ken Leo ,Sorin Daniliuc ,Belinda Luke ,Hong Nee Ang ,Karyn Byrnes

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