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(b) Historically, all owned premises have been measured at cost depreciated over 10 to 50

时间:2021-04-25 19:44:30 解答: 544 次

(b) Historically, all owned premises have been measured at cost depreciated over 10 to 50 years. The management

board has decided to revalue these premises for the year ended 30 September 2005. At the balance sheet date

two properties had been revalued by a total of $1·7 million. Another 15 properties have since been revalued by

$5·4 million and there remain a further three properties which are expected to be revalued during 2006. A

revaluation surplus of $7·1 million has been credited to equity. (7 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended

30 September 2005.

NOTE: The mark allocation is shown against each of the three issues.

正确答案:

(b) Revaluation of owned premises(i) Matters■ The revaluations are clearly material as $1·7 million, $5·4 million and $7·1 million represent 5·5% , 17·6% and23·1% of total assets, respectively.■ The change in accounting policy, from a cost model to a reva

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