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Release of Asset Revaluation Reserve

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Release of Asset Revaluation Reserve

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by Kim Smith.
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  • April 20, 2022 at 1:51 pm #654069
    mohdgadir
    Member
    • Topics: 9
    • Replies: 6
    • ☆

    Dear Sir,

    Would you please state at what circumistances that the balance of the assest revalution reserve release to proift and loss or to the retained earings in the subsequent period ?

    June 2, 2022 at 9:56 am #657124
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    When a revalued asset is sold, the related revaluation surplus can be transferred to retained earning in the statement of changes in equity – it can NEVER be recognised directly in profit or loss.

    Also, the excess depreciation expense each year can be transferred to retained earnings – again in the statement of changes in equity.

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