Criteria of revaluing the fixed assets
This query is : Resolved
Varun Gupta
(Querist)
02 January 2013
I just want to ask three questions, regarding the unlisted limited company:-
1) First of all, Whether any antique Sculptures bought for the decoration in the office can be shown under Furniture or not???
2) Secondly, if there is any increase in the market value of that sculptures(shown under Fixed Assets in the books), then can we revalue that asset? If yes, then what is the full procedures of Creating revaluation reserves?
3) And Lastly, What effect would be on the
1) First of all, Whether any antique Sculptures bought for the decoration in the office can be shown under Furniture or not???
2) Secondly, if there is any increase in the market value of that sculptures(shown under Fixed Assets in the books), then can we revalue that asset? If yes, then what is the full procedures of Creating revaluation reserves?
3) And Lastly, What effect would be on the
CA Priyank Singhi
(Expert)
02 January 2013
In my opinion it should not be treated as Fixed Asset because sculptures will not provide you with enduring benefits in your business. It should be treated as a revenue expense and charged to P/L A/c. Hence, points 2 and 3 wont come into picture.
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