Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the year ended 31 December 2021, Setia Berhad revised its accounting measurement of the investment property from the cost model to the fair value
During the year ended 31 December 2021, Setia Berhad revised its accounting measurement of the investment property from the cost model to the fair value model. The cumulative effect due to the change of measurement of investment property for the prior years cannot be determined. At the beginning of the current year, the carrying amount of the investment property was RM220 million. The fair value on that date was RM260 million. At the end of the current financial year, the fair value was determined at RM270 million. Retained profit brought forward as of 1 January 2021 was RM960 million.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started