Using the updates of accounting standard, AASB 13 Fair Value Measurement. A senior partner at your firm has advised a key client, ABC Industry that for the characteristic of relevance to be met, their specific water and waste-water infrastructure non-current assets should be valued using the revaluation model, at their fair value, rather than historic cost. This means these major classes of assets need to be revalued under AASB116. However, the client would like more information as they believe there is no market for the assets, nor can a market price be inferred. The partner has asked you to brief the client and the partnership team in on the fair value hierarchy and what implications each of these techniques have for the reliability of the council’s fair value disclosures. 1) What information should be incorporated when determining the fair value and disclosed? 2) How this disclosure requirement will be useful to maintain or enhance the faithful representation of the accounting informatio?
Using the updates of accounting standard, AASB 13 Fair Value Measurement.
A senior partner at your firm has advised a key client, ABC Industry that for the characteristic of relevance to be met, their specific water and waste-water infrastructure non-current assets should be valued using the revaluation model, at their fair value, rather than historic cost.
This means these major classes of assets need to be revalued under AASB116. However, the client would like more information as they believe there is no market for the assets, nor can a market price be inferred. The partner has asked you to brief the client and the
1) What information should be incorporated when determining the fair value and disclosed?
2) How this disclosure requirement will be useful to maintain or enhance the faithful representation of the accounting informatio?
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