Tutorial+topic+3_w_sol%281%29.docx - FA&R Topic 3 Young Ltd...

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FA&R Topic 3 Young Ltd acquires some land at a cost of $150 000 on 1 July 2014. On 30 June 2015, the land is assessed as having a fair value equal to $100,000. Young Ltd carries the land at fair value (revaluation model). A) REQUIRED 1) On 30 June 2015, is Young recognising a revaluation increment or decrement or a reversal on previous revaluation? 2) Using the statements below, how is the revaluation to be recorded? On 30 June 2016, due to a general increase in prices in that area, the land is assessed as having a fair value equal to $130,000. Young Ltd proceeds with the revaluation. B) REQUIRED 1) On 30 June 2016, is Young recognising a revaluation increment or decrement
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