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IAS 16, Property, Plant and Equipment allows companies to choose either the cost model or...

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Accounting

IAS 16, Property, Plant and Equipment allows companies to choose either the cost model or the revaluation model to measure the carrying amount of property, plant and equipment subsequent to its initial recognition as an asset.

Discuss how you should account for revaluation gains and losses when the valuation model is used. In addition, explain how the reversals of the revaluation gains and losses should be reported.

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