You are the management accountant of Historic Ltd. Historic Ltd makes up its financial statements to

You are the management accountant of Historic Ltd. Historic Ltd makes up its financial statements to 30 September each year. The financial statements for the year ended 30 September 2000 are currently being prepared. The Directors have always included fixed assets under the historical cost convention. However, for the current year, they are considering revaluing some of the fixed assets. They obtained professional valuations as at 1 October 1999 for the two properties owned by the company. Details of the valuations were as follows: Requirements (a) State briefly the key arguments
View complete question » You are the management accountant of Historic Ltd. Historic Ltd makes up its financial statements to 30 September each year. The financial statements for the year ended 30 September 2000 are currently being prepared. The Directors have always included fixed assets under the historical cost convention. However, for the current year, they are considering revaluing some of the fixed assets. They obtained professional valuations as at 1 October 1999 for the two properties owned by the company. Details of the valuations were as follows: Requirements (a) State briefly the key arguments for and against including fixed assets at revalued amounts. (6 marks) (b) Evaluate the Directors’ proposal to revalue Property One as at 1 October 1999 but to leave all other fixed assets at historical cost. Your answer should include reference to appropriate Accounting Standards. (4 marks) (c) The Directors have decided to revalue the fixed assets of the company in accordance with their original wishes, amended where necessary to comply with appropriate Accounting Standards. Compute the net book value of each property as at 30 September 2000. You should clearly explain where any differences on revaluation will be shown in the financial statements. (5 marks) CIMA, Financial Reporting, November 2000 (15 marks)

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