They say LAND cannot be depreciated , but IFRS says LAND can be revalued - so does it mean it can revalued upwards only ?

Here there is confusion in terminology -
Impairment- Both IFRS and US Gaap allows
Revaluation - Only IFRS allows
so can you confirm the below statement or make changes according to you
1.” Land can be revalued it can go up or down(But as only IFRS allows revaluation so if you are following US Gaap you cant revalue land”
2. as per what you said above ” Land can be impaired so Impairment is the only scenario the land value can fall under both US Gaap and IFRS.
3. Land cannot be depreciated.
and finally Does we have to check Impairment of land on annual basis.
Thanks
 
You must log in or register to reply here.
Back
Top