Revaluation of Assets

[insaan]

Assalam O Alaikum
yaar itz simple
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"> it can be either restated propotionately or eliminated against gross carring amount<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
refer IAS 16 para 35
yaar just remember this formula ... revalued amt = N.B.V at revaluation date + surplus on revaluation (& vice versa)
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"> the depreciation for the year of revaluation<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<b>subsequent depreciation</b> on assets revalued is based on revalued amounts
like
A.if rev date is during the yr, say 30 june where yr end is 31 dec , dep will be charged 4 half yr on NBV at june 30...for next half yr dep will be charged on revalued amt
B.if revaluation at yr end , dep will be charged on N.B.V at yr end i.e not at revalued amt
Hope it helps
ALLAH HAFIZ