INITIAL RECOGNITION using IFRS Assume that Kiely Company Inc. has buildings that cost $ 1,000,000, with accumulated depreciation of $ 600,000 and a carrying amount of $ 400,000 on December 31, Year 1. On that date, Kiely Company determines that the market value for these buildings is $750,000. Restate the buildings value to December 31, Year 1, using the two alternatives methods allowed by IAS 16 with respect to property, plant, and equipment subsequent to initial recognition.

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