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Would be indebted if you could answer the following three questions!
1)According to the latest IASs, is it allowed to transfer incremental depreciation to the OCI (of an item of PPE) upon switching to revaluation model from cost model?
2)Also, is revaluation of Owner Occupied Property allowed?
3)And what are the impacts of incremental depreciation? Do we just disclose its impact on the P&L for the year?
Thanks in advance. 🙂
1) Not sure that I understand your question – are you talking about the excess depreciation required as a result of a revaluation increase? Such a transfer is not a requirement, but it is encouraged
2) What? Of course it is!
3) No impact. Maybe a disclosure note may be decided upon but, otherwise, no impact