ACCA AAA INT Syllabus D. Audit of Historical Financial Information - Non-current Assets - Revaluation - Notes 4 / 41
Increase goes to OCI and RR
Basic double entry steps:
Dr Accumulated depreciation
Cr Revaluation ReserveDr Cost
Cr Revaluation reserve
An impairment downwards after a revaluation
Dr the revaluation reserve first
then
Dr the Income statement
Keep the revaluations up to date
So change only when necessary (not always every year)
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Non-current Assets - Depreciation
Syllabus D. Audit of Historical Financial Information
D3. Evaluation and review
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Non-current Assets - Impairments
Syllabus D. Audit of Historical Financial Information
D3. Evaluation and review