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Describe how B-B will reflect the changes in the land value

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Reference no: EM132901917

Problem - Upward Revaluations under IFRS - Bed and Breakfast (B&B), an Italian company operating in the Tuscany region, follows IFRS and has made the choice to remeasure long-lived assets at fair value. B&B purchased land in 2016 for €150,000. At December 31 of the next four years, the land is worth €160,000 in 2016, €155,000 in 2017, €140,000 in 2018, and €145,000 in 2019.

Required -

a. Describe how B&B will reflect the changes in the land's value in each of its annual financial statements.

b. Assume that the asset was a building with a 10 -year remaining useful life as of the end of 2016. After writing the building upward to €160,000, how much should Be BB charge to depreciation expense in 2016?

Reference no: EM132901917

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