Hi all,
I just read an example about the asset revaluation model (Example 11 Reading 26 - Long Lived Assets - Curriculum).
In this example, I saw in the end of year 2, the author used the fair value at the end of year 2 to revalue the fair value at the end of year 1.
I think they should compare the fair value at the end of year 2 with the carrying amount of the asset at the end of year 2 (the fair value of assets in the end of year 1 after deduct the depreciation during the year 2)
Share your thoughts on this example
Thanks