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