Camperdown Ltd acquired a commercial head office building at a cost of $1,200,000 at 1 July 2022. The commercial head office building was estimated to have a useful life of twenty (20) years and residual value of zero and was depreciated on a straight-line basis. Camperdown Ltd has adopted AASB 13 Fair Value Measurement and the revaluation model under AASB 116 Property, Plant and Equipment for the after recognition measurement for the building class of assets. The Fair Value Report at 30 June 2023 presented the following information in relation to the uses of Camperdown Ltd’s head office building:UseEstimated future net cash inflows from use (inclusive of conversion costs) 30/06/2023Commercial head office building$1,800,000Student accommodation   $3,200,000 The fair value report has based this information on the building being a stand-alone asset, and both uses are legally permitted and capable of satisfying all physical characteristics and financial feasibility requirements.What is the correct fair value amount of Camperdown Ltd’s building at 30 June 2023?Group of answer choices$3,200,000$1,800,000$3,140,000$1,140,000

At 30 June 20X1, the statement of financial position of Goofy Ltd included the following details for a building:Building$ 1,200,000Accumulated Depreciation(300,000) $ 900,000Goofy applies the revaluation model to buildings. At 30 June 20X1, the fair value of the building is $1,000,000.  The building had previously been revalued downwards by $100,000.What is the journal entry to revalue the building to fair value at 30 June 20X1 in accordance with the requirements of AASB 116 Property, Plant and Equipment?

Assume Four Ltd adopts the cost model for the after-recognition measurement of its plant under AASB 116: Property, Plant and Equipment on 1 July 2022. Related plant impairment losses of $100,000 were recognised in its financial statements for the year ended 30 June 2023. Four Ltd’s directors have elected to use the straight-line method of depreciation with zero (0) estimated residual value over the plant’s useful life.In Four Ltd’s 30 June 2023 financial statements,the net carrying amount for plant must be presented at the:Group of answer choicesCurrent replacement costInitial acquisition costCost less accumulated depreciation and impairment lossesLiquidation value

Following a delayering exercise, Carter vacated an office building and let it out to a third party on 30 June 2018. The building had an original cost of GHS900,000 on 1 January 2010 and was being depreciated over 50 years. It was judged to have a fair value on 30 June 2018 of GHS950,000. At the year end date of 31 December 2018, the fair value of the building was estimated at GHS1.2 million. Carter uses the fair value model for investment property. What amount will be shown in revaluation surplus at 31 December 2018 in respect of this building?a.GHS 250,000b.GHS 300,000c.GHS 203,000d.GHS 417,000

The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: Directly observable inputs of similar assets or liabilities. Mark to model situations where risk-adjusted valuation models are used. The exit price at the accounting date and on the basis of orderly sales. Unadjusted quoted prices in active markets for identical assets and liabilities.

Assume that an asset was bought at a cost of $50 000. It is expected that the asset will have a useful life of 10 years with the straight-line depreciation method being used. At the beginning of year 5 the total useful life is re-estimated downward to 8 years. Under AASB 116 the annual depreciation expense for the final years of useful