- This topic has 5 replies, 2 voices, and was last updated 6 years ago by
MikeLittle.
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complicated
- Topics: 110
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Hi Mike,
What adjustments should the entity make if it switches from revaluation model to cost model for its PPE? It is a retrospective application, right? Where should the existing revaluation surplus go?
MikeLittle
- Topics: 26
- Replies: 22650
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Reverse the entry that created it!
Dr Revaluation Reserve
Cr TNCAcomplicated
- Topics: 110
- Replies: 211
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Oh thought it was more complicated than that, thank you!
🙂MikeLittle
- Topics: 26
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You’re welcome – but remember, you can only set the carrying value to what it would have been all along if you hadn’t opted for valuation model
complicated
- Topics: 110
- Replies: 211
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Okay, I’ll keep that in mind 🙂
MikeLittle
- Topics: 26
- Replies: 22650
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You don’t need to remember it for too long – it will all be over before you know it!
MikeLittleViewing 6 posts - 1 through 6 (of 6 total)
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