When a company sells equipment that had previously been remeasured to fair value under the revaluation model
Question:
When a company sells equipment that had previously been remeasured to fair value under the revaluation model of IAS 16, it transfers the revaluation surplus from accumulated other comprehensive income directly to retained earnings. What adjustments must be made to accumulated other comprehensive income when preparing consolidated financial statements if the sale is from the parent to the subsidiary?
Financial Statements Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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The consolidated financial statements should report account balances as if the ...View the full answer
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