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Many accountants believe that once you own some long-term tangible asset you need to apply IAS 16 PPE and you can chose from 2 models. what are those?

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Question added by Mohsin Saddique Mosi
Date Posted: 2015/05/11
Shahbaz Hayder
by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

The two models are:

 

1. Cost Model

 

2. Revaluation Model

cost or revaluation model,

KUMAR L R IYER
by KUMAR L R IYER , Consultant Banking, IT & IT Security , Digital Strategies Pvt., Ltd.,

As per IAS16 there are two models available

1, Cost model wherein the asset value will be determined after depreciation

2. Revaluation model wherein the asset value will be determined based on market condition

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