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Unformatted text preview: o If revaluation is used, it must be applied to all assets in a class of assets o Assets that are experiencing rapid price changes must be revalued on an annual basis, otherwise less frequent revaluation is acceptable o First record depreciation after one year o Then record the adjusting plan assets to fair value For IFRS n R&D, costs in development are capitalized as Development Costs once technological feasibility is achieved IFRS permits revaluation of intangible assets and GAAP prohibits revaluation of intangible assets IFRS requires an impairment tests at each reporting date for plant assets and intangibles and records an impairment if the assets carrying amount exceeds its recoverable amount Under GAAP, impairment loss is measured as the excess of the carrying amount of the assets fair value IFRS allows reversal of impairment losses when there has been a change in economic conditions, and GAAP does not...
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This note was uploaded on 02/02/2012 for the course ACCT 100 taught by Professor Punke during the Fall '08 term at Wisconsin.
- Fall '08