Depreciable assets under IFRS
The International Exchange Corporation (IEC) purchased an asset that cost $60,000 on January 1, 2011. The asset had a four year useful life and a $10,000 salvage value.
Required
a. Determine the amount of expense recognized on the 2011 income statement assuming IEC uses U.S. GAAP.
b. Determine the amount of expense or gain recognized on the income statement assuming IEC uses the IFRS revaluation model and the asset is determined to have a fair value of $55,000 as of December 31, 2011.
c. Determine the amount of expense or gain recognized on the income statement assuming IEC uses the IFRS revaluation model and the asset is determined to have a fair value of $65,000 as of December 31. 2011.
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