PLEASE SOLVE THE FOLLOWING BASED ON IAS 36 An entity owns a property which was originally purchased for OMR 300,000. The property has been revalued to OMR 500,000 with the revaluation of OMR 200,000 being recognized as other comprehensive income and recorded as revaluation reserve. The property has a current carrying value of OMR 460,000 but the recoverable amount of the property has just been estimated at only OMR 200,000. What is the amount of impairment and how should this be treated in the financial statements?
PLEASE SOLVE THE FOLLOWING BASED ON IAS 36 An entity owns a property which was originally purchased for OMR 300,000. The property has been revalued to OMR 500,000 with the revaluation of OMR 200,000 being recognized as other comprehensive income and recorded as revaluation reserve. The property has a current carrying value of OMR 460,000 but the recoverable amount of the property has just been estimated at only OMR 200,000. What is the amount of impairment and how should this be treated in the financial statements?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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H2.
Transcribed Image Text:PLEASE SOLVE THE FOLLOWING
BASED ON IAS 36
An entity owns a property which
was originally purchased for OMR
300,000. The property has been
revalued to OMR 500,000 with
the revaluation of OMR 200,000
being recognized as other
comprehensive income and
recorded as revaluation reserve.
The property has a current
carrying value of OMR 460,000
but the recoverable amount of the
property has just been estimated
at only OMR 200,000. What is the
amount of impairment and how
should this be treated in the
financial statements?
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