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13. William is reviewing the accounting treatment of its buildings. The company uses the revaluation...

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Accounting

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13. William is reviewing the accounting treatment of its buildings. The company uses the revaluation model' for its buildings. The buildings were purchased for RM200 million on 1 January x5 and have an economic life of 20 years. They are depreciated on a straight-line basis with no residual value. On 31 December x5, they were revalued downwards to RM160 million. At 31 December x6, the fair value of the buildings is RM220 million. Required: Discuss the accounting treatment of the buildings in the financial statements of William

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