IAS/ IFRS
This query is : Resolved
14 February 2011
Active Asset Inc. owns a freely transferable taxi operators License which it acquired on 1st Jan 2011 at a initial cost of $10000. the usefull life of license is 5 years (based on date it is valid for). The entity uses the SLM to ammortise the intangible. Such Liscences are frequently traded between operators. At the balancesheet date on 31 dec 2012 Govt. permitted increase in fixed Taxi Fares. Hence the Traded Values of Such a license was revaluedas $12000 . Required:
a. Journal Entries on 31st dec 2012 to reflect increase or decrease in carrying value on the revaluation of the operating license based on the credit values of the similar lisences.
b. Also what would be the resultant carrying value of the Intangible asset after the revaluation.?
a. Journal Entries on 31st dec 2012 to reflect increase or decrease in carrying value on the revaluation of the operating license based on the credit values of the similar lisences.
b. Also what would be the resultant carrying value of the Intangible asset after the revaluation.?
14 February 2011
As per IAS 16, intangible assets that are acquired , which have finite useful lives are measured at cost less accumulated amortisation, and accumulated impairment loss.
So in your case, no entry is to be passed , while increase in value of licence.
So in your case, no entry is to be passed , while increase in value of licence.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
