Fixed Assets - EBS (MOSC)

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Suggested methodology to revalue our assets in preparation for IFRS/IAS compliance?

edited Apr 29, 2010 7:32AM in Fixed Assets - EBS (MOSC) 6 commentsAnswered
Is anyone else running parallel asset books by electing to track assets based on IAS (International Accounting Standards) in advance of the required implementation date?

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.

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