supersharpshooter Wrote: ------------------------------------------------------- > you can revalue long-lived assets to the extent to > which they have been written down, this is > reported on the income statement - any upward > revaluation past that point has to be recorded as > a direct adjustment to equity > > i think identifiable intangibles can only be > revalued up to the extent that they have been > amortized/impaired super this is under IFRS
oops yeah sorry, i missed the part where you said GAAP i don’t think you can re-value anything upward under GAAP
Oooops, overlooked a major distinction - Held for Sale and Remaining in use For assets held for sale, gains could be recognized up to the previous writedowns For assets remaining in use - no.
supersharpshooter Wrote: ------------------------------------------------------- > you can revalue long-lived assets to the extent to > which they have been written down, this is > reported on the income statement - any upward > revaluation past that point has to be recorded as > a direct adjustment to equity > > i think identifiable intangibles can only be > revalued up to the extent that they have been > amortized/impaired Wait? Are you saying you can revalue assets upward under GAAP? I don’t think so…
As per FSA text, page 403, Held for Sale, you can recognize gains, not necessarily revaluate, up to the extent of previous writedown
FisherSU Wrote: ------------------------------------------------------- > As per FSA text, page 403, Held for Sale, you can > recognize gains, not necessarily revaluate, up to > the extent of previous writedown its under IFRS…isnt it?
nope, GAAP, SFAS 121
FisherSU Wrote: ------------------------------------------------------- > nope, GAAP, SFAS 121 so this one is a “specific case”. However normally, you cannot revaluate anything under GAAP.
Yes, that’s generally the case. But this could be a possible land mine on the actual exam 
FisherSU Wrote: ------------------------------------------------------- > Yes, that’s generally the case. But this could be > a possible land mine on the actual exam yes thanks Fisher!
when in doubt in a 2x4 on the exam, i would pick GAAP to be the stricter one and IFRS to be the more lenient one (because that’s what it seems like)
supersharpshooter Wrote: ------------------------------------------------------- > when in doubt in a 2x4 on the exam, i would pick > GAAP to be the stricter one and IFRS to be the > more lenient one (because that’s what it seems > like) I do this as well 