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The answer is No.
No. A fully depreciated asset cannot be revalued because of accounting's cost principle, matching principle, and going concern assumption
Its depend on the policy. if the policy is revaluation thant it can.
As per para29 of Internation Accounting Statandard16
"An entity shall choose either the cost model in paragraph30 or the revaluation model in paragraph31 as its accounting policy and shall apply that policy to an entire class of property, plant and equipment.
As per para34 "The frequency of revaluations depends upon the changes in fair values of the items of property, plant and equipment being revalued. When the fair value of a revalued asset differs materially from its carrying amount, a further revaluation is required. Some items of property, plant and equipment experience significant and volatile changes in fair value, thus necessitating annual revaluation. Such frequent revaluations are unnecessary for items of property, plant and equipment with only insignificant changes in fair value. Instead, it may be necessary to revalue the item only every three or five years.
This means that if the compnay has policy of recording fixed assets at cost than it first has to change its policy for revaluation purpose, which will require the disclosure as per guidlines of relevant standards of IFRS's.
Hope you understand.
Good Day!!!
I will not go into the accounting / finances terms as its not my subject....... but there are assets that can be revalued........ we are doing it with our factory machines and automobiles and ithink there is no harm to any organization in doing this.
Yes if a company has a revaluation policy of its asset,and asset has still remaining useful life..
Yes, we can revalued asset in the case of company have
* - Merger
* - Partner In
* - Out of partner
* - Liquidation
Yes, if it has useful life and can add value to the business even after complete depreciation.
this varies from company to company and policy to policy so we can say YES
Who Gonna Say No ? Depends on Policies ...
