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Revaluation of Non Current Assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Revaluation of Non Current Assets

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • August 10, 2021 at 3:50 pm #631067
    RazaHussain7292
    Member
    • Topics: 7
    • Replies: 5
    • ☆

    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

    August 10, 2021 at 6:16 pm #631083
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    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.

    August 11, 2021 at 8:02 am #631133
    RazaHussain7292
    Member
    • Topics: 7
    • Replies: 5
    • ☆

    Thank you so much Sir

    August 11, 2021 at 9:02 am #631162
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    You’re welcome!

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