Brookfield Asset Management Inc., headquartered in Toronto, is a global company focused on property, power, and infrastructure asset management. It was one of the first companies in Canada to prepare its in accordance with IFRS in 2010. Shown below is an extract from the notes to its at December 31, 2010:
Instructions
(a) Do you think that the company has adopted the cost or revaluation model for its property, plant, and equipment?
(b) If the company sold none of these assets in 2010, what do you think depreciation expense on the income statement would be for that year?
(c) During 2010, when adjusting property, plant, andequipment to fair value, was there a revaluation gain or loss?
(d) On which would the revaluation gain or loss be recorded?
(e) Would the use of the revaluation model for this company improve the return on assets ratio or the ratio?
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