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fair value

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › fair value

Viewing 2 posts - 1 through 2 (of 2 total)
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  • January 22, 2021 at 8:48 am #607508
    Emili00
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    i have a rreally simple question .what amount to record in sofp if recoverable amount > carrying amount? and what amount to be used as amount of the asset for next year?

    January 23, 2021 at 9:45 am #607631
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7212
    • ☆☆☆☆☆

    Hi,

    If the recoverable amount is greater than the carrying value then there is no impairment and the carrying value is not adjusted. We therefore leave the carrying amount in the accounts and continue to depreciate as previously.

    Thanks

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