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carrying amount of assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › carrying amount of assets

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by AvatarP2-D2.
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  • June 5, 2024 at 3:49 am #706677
    Avatarquytuan
    Participant
    • Topics: 107
    • Replies: 46
    • ☆☆

    As the carrying amount is the recorded cost of an asset, net of any accumulated depreciation or accumulated impairment losses. I want to ask :”is revaluation surplus of assets included in the calculation of carrying amount of assets ?”

    June 7, 2024 at 7:37 am #706899
    AvatarP2-D2
    Keymaster
    • Topics: 4
    • Replies: 7232
    • ☆☆☆☆☆

    Hi,

    If the asset is revalued then the cost is replaced by the new revalued amount. The adjustment made to increase the CV to the revalued amount is the surplus, which is recorded through OCI.

    Thanks

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