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Treatment of Fully depreciated assets

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17 June 2011 What Should be the treatment of the assets which has been fully depreciated but physically using in the business?Whether assets to be further revalued?
Plz reply !!!
Deepak
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srikanth

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srikanth (Expert)
17 June 2011 Hi deepak

Generally competent valuer does the revaluation through appraisal... when fixed asset are revalued entire class of assets should be revalued..but should be restricted to the net recoverable amount of fixed asset
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DEEPAK KUMAR NAYAK

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DEEPAK KUMAR NAYAK (Querist)
17 June 2011 Thnx Sir.
But is it mandatory for every company to revalue its fully depreciated assets.If the company does not revalue the asset, then how the company will report such asset in his statury return?whether it will show that assets at nil value in Balance Sheet?
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