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本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

9.4 Revaluation of fixed assets

Historical cost convention:

Under the historical cost convention, assets are stated in the balance sheet at their purchase price at the date of acquisition (less any amounts written off in respect of depreciation or diminution in value).

Some non-current asset, such as land and building may rise in value over time.

Business may choose to reflect the current value of the asset in their statement of financial position. This is known as “ revaluing the asset”.

●The difference between the NBV of the asset and the revalued amount (normally

a gain) is recorded in a revaluation reserve in the capital section of the statement of financial position.

●This gain is not recorded in the income statement because it is unrealized, i.e. it is not realized in the form of cash.

●IAS 1 requires that a revaluation gain is disclosed in “ other comprehensive

income – OCI on the statement of financial position.

●In summary, Revaluation surplus = revalued amount – NBV

- For a non-depreciated asset,

Dr. non-current asset- cost Revaluation surplus

Cr. Revaluation reserve Revaluation surplus

- For a depreciated asset,

Dr. accumulated depreciation depreciation to date

Dr. non-current asset – cost (balance)

Cr. Revaluation reserve Revaluation surplus

Example:

Shirley owns a factory. The premises were purchased on 1 Jan 20x1 for 450,000 and depreciation charge at 2% pa straight line.

Shirley now wishes to revalue the factory premises to $800,000 on 1 Jan 20x7 to reflect the market value.

What is the balance on the revaluation reserve after this transaction?

A.350,000 B.395,000 C.404,000 D.413,000

Solution:

Revaluation reserve = revalued amount – NBV

NBV = Cost of the asset – accumulated depreciation

= 450,000 – 450,000 x 2% x 6 years = 396,000

So revaluation reserve = 800,000 – 396,000 = 404,000

Answer is C.

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