03-07-2010, 05:03 AM
Well Mohsin bro, being a student i just wanna add some more thing to the Answer of Kamran bhai in response to yours Querry
well buddy, Revised IAS-1 does not contradict with the Requirement of Company Ordinance
the Treatment of Incremental depreciation Due to Revaluation remains the same.
Infact,it requires just an additional information in Statement of Comprehensive Income
treatment will be like this
suppose building Carrying value = 200,000
Revalued Amount is 300000
therefore, Rs.100,000 being a Revaluation Income should be Disclosed in Statement of Comprehensive income not in Other income.
and the Accumulated of this will also be shown under the head Revaluation Surplus in Statement of changes in Equity
and Charge Additional Depreciation in the same manner as it was done before
means to say charge Directly to SOCE.
well buddy, Revised IAS-1 does not contradict with the Requirement of Company Ordinance
the Treatment of Incremental depreciation Due to Revaluation remains the same.
Infact,it requires just an additional information in Statement of Comprehensive Income
treatment will be like this
suppose building Carrying value = 200,000
Revalued Amount is 300000
therefore, Rs.100,000 being a Revaluation Income should be Disclosed in Statement of Comprehensive income not in Other income.
and the Accumulated of this will also be shown under the head Revaluation Surplus in Statement of changes in Equity
and Charge Additional Depreciation in the same manner as it was done before
means to say charge Directly to SOCE.
