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IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...
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The IASB and FASB made joint efforts to devise a common impairment model, but the FASB eventually decided to propose an alternative scheme in January 2011. [5] The IASB issued a new exposure draft in January 2013, [ 5 ] which later led to the adoption of IFRS 9 in July 2014, [ 6 ] effective for annual periods beginning on or after January 1 ...
A doctor wearing personal protective equipment for treating patients with COVID-19. The use of personal protective equipment (PPE) is inherent in the theory of universal precaution, which requires specialized clothing or equipment for the protection of individuals from hazard. [1]
Any form of PPE that acts as a barrier between the skin and the agent of exposure can be considered skin protection. Because much work is done with the hands, gloves are an essential item in providing skin protection. Some examples of gloves commonly used as PPE include rubber gloves, cut-resistant gloves, chainsaw gloves and heat-resistant ...
Purchase price allocation (PPA) is an application of goodwill accounting whereby one company (the acquirer), when purchasing a second company (the target), allocates the purchase price into various assets and liabilities acquired from the transaction.
Revaluation Reserve is treated as a Capital Reserve. The increase in depreciation arising out of revaluation of fixed assets is debited to revaluation reserve and the normal depreciation to Profit and Loss account. Selection of the most suitable method of revaluation is extremely important. The most used method is the appraisal method.