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Problem - Panther Ltd acquired a plant on January 1, 2020 at a cost of $100 million. The plant has a 10-year life, 20 million residual value, and it is depreciated on a straight-line basis. On January 1, 2023, Panther determines the fair value of the asset (net of any accumulated depreciation) to be $130 million.
Required -
1. Determine the impact the plant has on Panther's income in Years 2020-2024 using (a) IFRS, assuming that the revaluation model is used for measurement subsequent to initial recognition, and (b) US. GAAP.
2. Summarize the difference in income, total assets, and equity using the two different sets of accounting standards over the period 2020-2024.
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