Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.
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
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.
