REVALUATION RESERVE
This query is : Resolved
DINESH K SHAH
(Querist)
15 September 2008
FOR PLANT & MACHINERY & BUILDING IS REVALUED AND CRADITED THE DIFFERENCE AS REVALUATION RESERVE IN THE BALANCE SHEET. NEXT YEAR WHEN DEPRECIATION IS CHARGED ON ASSETS HOW THIS IS TO BE TREATED?
(1) TOTAL DEPRECIATION TO BE CHARGED TO P&L A/C ON NEW VALUE OR
(2) THIS IS TO BE DIVIDE IN TWO (A) ACTUAL DEPRECIATION TO BE CHARGED TO P&L a/C AND ON THE RE VALUATION DEPRECIATION TO BE REDUCED FROM THE REVALUATION RESERVE EVERY YEAR AS PER THE % OF THE EACH ASSET.
PLS CNFM AS PER IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS)
(1) TOTAL DEPRECIATION TO BE CHARGED TO P&L A/C ON NEW VALUE OR
(2) THIS IS TO BE DIVIDE IN TWO (A) ACTUAL DEPRECIATION TO BE CHARGED TO P&L a/C AND ON THE RE VALUATION DEPRECIATION TO BE REDUCED FROM THE REVALUATION RESERVE EVERY YEAR AS PER THE % OF THE EACH ASSET.
PLS CNFM AS PER IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS)
CA Pawan Goswami
(Expert)
15 September 2008
2nd option is correct.
CA MOHIT VAATS
(Expert)
15 September 2008
2nd option is correct as per AS6
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