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revaluation model to cost model

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › revaluation model to cost model

  • This topic has 5 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • December 5, 2016 at 9:43 am #353963
    complicated
    Member
    • Topics: 110
    • Replies: 210
    • ☆☆☆

    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?

    December 5, 2016 at 10:28 am #353982
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Reverse the entry that created it!

    Dr Revaluation Reserve
    Cr TNCA

    December 5, 2016 at 12:16 pm #353993
    complicated
    Member
    • Topics: 110
    • Replies: 210
    • ☆☆☆

    Oh thought it was more complicated than that, thank you!
    🙂

    December 5, 2016 at 4:03 pm #354029
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    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

    December 5, 2016 at 4:18 pm #354042
    complicated
    Member
    • Topics: 110
    • Replies: 210
    • ☆☆☆

    Okay, I’ll keep that in mind 🙂

    December 5, 2016 at 4:35 pm #354072
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    You don’t need to remember it for too long – it will all be over before you know it!

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Viewing 6 posts - 1 through 6 (of 6 total)
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