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Revaluation of company cars

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Revaluation of company cars

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  • January 4, 2018 at 7:26 pm #427273
    exelilov
    Participant
    • Topics: 3
    • Replies: 3
    • ☆

    Good day,

    My question is about revaluation of non-current assets.Suppose that our company wants to make revaluation for company cars.Our company has 3 cars and we did not make any revaluations before.

    1st car`s carried value in our books is $20.000 ( valuer involved and he valued $25.000-increase $5.000)

    2nd car`s carried value in our books is $15.000 ( valuer involved and he valued $20.000-increase $5.000)

    3rd car`s carried value in our books is $30.000 ( valuer involved and he valued $25.000-decrease $5.000)

    Could you please explain how should we account these operations in our books?

    Thanks in advance,

    Elnur

    January 4, 2018 at 9:02 pm #427279
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23333
    • ☆☆☆☆☆

    Either go for the model or don’t go for the model

    You can’t cherry-pick and go simply for the two upwards revaluations and leave the third one at cost (less accumulated depreciation)

    It’s all or nothing

    OK?

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