Revaluation G/Ls wording

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  • January 13, 2016 at 2:19 pm #199508
    Anonymous
    Inactive

    So I am studying for FAR then I reach questions about revaluation gains and losses. Nowhere in the question was IFRS mentioned. But the answer explicitly notes that it is IFRS.

    On the actual exam, if I get a question about revaluation G/Ls should I assume that it is talking about IFRS?

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  • January 13, 2016 at 5:16 pm #754753
    MaLoTu
    Participant

    Revaluation G/L are only permitted under IFRS … so if it says revaluation automatically think of IFRS.

    January 14, 2016 at 1:03 am #754754
    Anonymous
    Inactive

    Alright thank you. One of the answers was $0 so I assumed it was a trick question to test if you knew that there arent any revaluation gains in GAAP.

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