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Hi John,
In Example:4 of Chapter 5 IAS 16 PPE and Financial statements,
Shouldn’t we calculate the excess depreciation on Building for September 30, 2014? As in the lecture and solution, the calculation is done for revalued amount depreciation and transfer to reserve. Excess depreciation should be (55000-5000-20000 = 30000/15 = 2000 straight line on carrying value and 2,600 on revalued amount) 600 to Reserve.
Kindly correct me if I am wrong. Would really appreciate if I can have prompt reply as the exam is just after two days. Thank you in advance.
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