Question
ABC Ltd purchased land for $500,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on
ABC Ltd purchased land for $500,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on 31 December 2019 to $450,000. A subsequent revaluation on 31 December 2021 found the market value to be $600,000 due to a change in council zoning for the area.
What are the journal entries required to record the revaluation of the land on 31 December 2021?
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International Financial Reporting Standards ImplementationA Global Experience
Authors: Mohammad Nurunnabi
1st Edition
1801174415, 9781801174411
