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Hi all!
I would like to find out, whether an entity should write-down from it’s SOFP a non-current asset, that was totally depreciated but is still in use?
I think, that an entity shouldn’t do this and should leave in its SOFP cost of non-current asset and accumulated depreciation. It seems more like an error when estimating useful life of an asest.
But I would like to hear your ideas..A company should regularly review estimated useful lives and adjust depreciation over the revised estimated life. In theory at least, no asset should be written down to zero if that asset is still in use
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