Q1: What is Property, plant & equipment?
Q2: How do we value Property, plant & equipment when we first acquire it?
Q3: What do you think depreciation is?
Q4: How do we value Property, plant & equipment after we have first acquired it?
Q5: If a firm chooses to use the revaluation model to value a class of Property, plant and equipment, how frequently does a firm need to revalue this class of Property, plant & equipment?
Q6: If, as a result of a revaluation, the carrying amount of an item of Property, plant and equipment is increased, is this increase in value included in a firm’s profit and loss for a period?
Q7: If, as a result of a revaluation, the carrying amount of an item of Property, plant and equipment is decreased, is this decrease in value included in a firm’s profit and loss for a period?
Q8: Do we need to depreciate and also identify impairment of items of Property, plant and equipment if we use:
(a) cost model
(b) revaluation model
Q9: For those classes of Property, plant and equipment that a firm chooses to use the cost model, how do we value each item of Property, plant and equipment on an ongoing basis?
Q10: For those classes of Property, plant and equipment that a firm chooses to use the revaluation model, how do we value each item of Property, plant and equipment on an ongoing basis?
Q11: What is ‘recoverable amount’?
Martin Turner Accounting 