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Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Revaluation of Assets
Hi, I was wondering if I could receive some help with regards to the revaluation of assets.
The company have been valuing buildings at cost less depreciation however they have now decided to value it at fair cost. Buildings cost 1,200,000 in 2010 and have been revalued at the end of 2013 to 1,300,000. The useful life is 50 years and residual value is 800,000. Depreciation charge which would have been included in the accounts for the three years I worked out at 8,000 however now that the policy has changed, how would I change the depreciation figures to ensure the change in policy is applied retrospectively?
Thanks,
Martin
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