Revaluation model/assets
BesarB
Registered Posts: 14
Hi there.
I am stuck on this bit. We have purchased an asset for £100k on 1-Jan-2014 and have chosen the revaluation model as our accounting policy for depriciation. At the year end 31-Dec-2014 do we revalue the asset? and if the value decreases by 10k, do we record it as debit impairement loss account and credit accumulated loss account. I am a bit confused as to where the depriciation sits in all this as the asset still has to be depreciated. Is it depreciated straight after revaluation for the year end 31-Dec 2014.
Looking forward to an answer.
Kind regards
Besar
I am stuck on this bit. We have purchased an asset for £100k on 1-Jan-2014 and have chosen the revaluation model as our accounting policy for depriciation. At the year end 31-Dec-2014 do we revalue the asset? and if the value decreases by 10k, do we record it as debit impairement loss account and credit accumulated loss account. I am a bit confused as to where the depriciation sits in all this as the asset still has to be depreciated. Is it depreciated straight after revaluation for the year end 31-Dec 2014.
Looking forward to an answer.
Kind regards
Besar
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 328 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 57 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 203 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 584 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership