fair value

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January 22, 2021 at 8:48 am #607508
Emili00
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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
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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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