Get the best answers to your questions with the help of IDNLearn.com's experts. Discover the information you need from our experienced professionals who provide accurate and reliable answers to all your questions.
Sagot :
A major difference between IFRS and GAAP relates to the A Revaluation Surplus Account.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
Learn more about Revaluation here: https://brainly.com/question/19908089
#SPJ4
Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! Your questions are important to us at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.
