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1) Total marks: 10 marks Mr Howe a junior partner of CPA fir, Dewey, CHeatem and...

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Accounting

1) Total marks: 10 marks

Mr Howe a junior partner of CPA fir, Dewey, CHeatem and Howe(DCH) is very excited about the opprtunities created by fair valuerelvaluation of non current assets. hr believes that there is anenormous opportunities for large firms to increase their bookprofits via the gains from such revaluations.

Required:

Mr Tu Dewie has asked you to review the AASB rules on the fairmarket revaluation of non current assets and to assess what profitenhancing opportunities may arise because of those rules.

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Overview As per the AASB rules on the fair market revaluation of non current assets Non current assets are recognised in books of accounts on the basis of the following two recognition criteria Initial recognition criteria Subsequent recognition criteria After meeting the initial recognition criteria the following two models are used to measure the asset subsequently i Cost Model As per Cost Model noncurrent assets shall be carried at cost after subtracting    See Answer
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