Asked by April Lawrenz on Jun 10, 2024
Verified
The shareholders' equity account,Revaluation Surplus,is likely to be found on the balance sheet of a company reporting under U.S.GAAP.
Revaluation Surplus
An increase in the value of an asset that is reflected in the books of accounts, primarily through a revaluation process.
- Become familiar with the protocols for recording changes in value for diverse assets and liabilities under U.S. GAAP and IFRS regulations.
Verified Answer
CH
Cornecia HamptonJun 10, 2024
Final Answer :
False
Explanation :
Revaluation surplus is not recognized under U.S. GAAP, but it may be recognized under other accounting frameworks such as IFRS or local GAAP.
Learning Objectives
- Become familiar with the protocols for recording changes in value for diverse assets and liabilities under U.S. GAAP and IFRS regulations.