REVALUATION SURPLUS Definition

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REVALUATION SURPLUS, under the revaluation model, increases in carrying amount above a cost-based measure are recognized as revaluation surplus.

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ONEROUS CONTRACT is one in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits to be received under the contract.

USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.

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