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Change In Accounting Policy For Land And Buildings Valuation
Question
Tt's financial statements preparation time at Center Industries where you have been assistant controller for two months. Ben Huddler, the controller, seems to be pleasant but unpredictable. Today, although your schedule is filled with meetings with internal and outside auditors and two members of the board of directors, Ben made a request. "As you know, we're changing our accounting policy on the measurement of leasehold and freehold land and building from revaluation to cost. Can you find me an example?" he asked. "I'd bet you could get one off the Internet you're always using." As a matter of fact, you often go to the company listing webpage on your country's main stock exchange to access financial statements. Required:
1. Access the website of your national stock exchange and find a company that has changed its accounting policy under IAS No. 16, "Property, Plant and Equipment." You may consider switches in either direction, that is, from revaluation to cost, or vice versa. (Note: You may be able to focus your search by searching with key words and phrases in one of the several "search engines" available on the Internet.)
2. Copy the portion of the disclosures that reports the effect of the change in accounting policy.
3. What information is provided about the effect of the change on the company's basis of measurement on property, plant, and equipment?
Summary
The question belongs to Accounting and it is about changing an accounting policy for valuation of leasehold, freehold land and buildings. In order to implement this change, a search on the internet with a company which has done a similar change is to be done.
Total Word Count 231
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