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If the company policy is to recognize the non current asset on historic cost less depreciation from many years. But in current year the company decide to change its policy for non current asset to recognized on fair value. Is this change in policy need to be apply on retrospectively as per IAS 08. Please advise. Thanks
Short answer – NO.
IAS 8 is the “default” in the absence of specific provisions in another IFRS Standards. According to IAS 16 the change from a cost to a revaluation model is strictly prospective.
Thank you so much Sir