232360
Description
Mind Map by Nafisa Zahra, updated more than 1 year ago
|
Created by Nafisa Zahra
about 11 years ago
|
|
Property, Plant and Equipment
- Impairment Loss- Where recoverable amount
is less than asset's carrying amount must be immediate recognition
- Cost model- as expense in
P&L for assets carried at
cost
Annotations:
- E.g A machine with useful life of 5 years and no residual value bought for $5000. Recoverable amount is 1200. Dr Impairment loss-machine 1800 Cr Acc. Imp. losses-machine 1800 Dr Deferred tax asset 540 Cr Income tax expense 540
- Revaluation model- in acordance
with revaluation accounting for
assets carried at revalued amount
- Cost model- as expense in
P&L for assets carried at
cost
Want to create your own Mind Maps for free with GoConqr? Learn more.