Suggested methodology to revalue our assets in preparation for IFRS/IAS compliance?
What we want to do is: Convert the asset/depreciation value in our Corporate book (in order to maintain historical information) to the IAS standard and keep the GAAP cost/depreciation value in a separate (manual) ledger
1. Adjust the asset cost value to be equal to NBV
2. Zero out accumulated depreciation and start depreciation under new rules.
3. Result: Asset cost = NBV prior to adjusment. Accum Depreciation = $0. The two adjustments should = 0 net impact.
4. Depreciation calculation going forward based on new rules.