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Depreciation when revaluing an asset

This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.

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May 30, 2021 at 10:21 am #622280
Fermanagh87
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Dear Mr Moffat,

If, for example, we revalue an asset on the last day of the FY, do we have to account for that year’s deprecation before accounting for the revaluation?

I have come across an odd question that does not account for the depreciation, which has caused some confusion.

Thanks,
C
May 30, 2021 at 2:17 pm #622304
John Moffat
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We should depreciate for the period.

If you are referring to a question in the BPP Revision Kit, then say which question and I will explain what has happened.
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