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How does RPM company recognize this building

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Question - RMP company acquired building in the last year. This building has 3 floors and RPM will use the 2nd and 3rd floor to be his office. The 1st floor will be rent to STM. Then, SSTM renovated and built additional parts to operate new sweets café.

According to the above-mentioned story, please clearly explain these following questions:

1) In accordance with related IFRS standards, how does RPM company recognize this building?

2) Explain how different between the recognition of 1st floor under IAS 16 and the recognition of 1st floor under IAS 40 when using Revaluation model in these two situations:

a. An increase of fair value at the end of fiscal year

b. A decrease of fair value at the end of fiscal year

Reference no: EM132920903

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