Fixed Assets - EBS (MOSC)

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Post Revaluation Adjustment

edited Jan 17, 2012 6:24PM in Fixed Assets - EBS (MOSC) 2 comments
Dear FA Gurus,

I have a requirement as follows:

We recently revalued our assets...

Asset : Building, placed in service is 01-Jan-2009, Revaluation Date 01-Jan-2009 

Cost1200000
Acc Dep180000
NBV1020000
Revalued Cost1500000
Revaluation Reserve480000

But later we realized that original Asset cost should be 1250000, not 1200000. (50000 interest on loan, was not capitalized)

Now the issue is we dont want to change revalued cost 1500000, but want to reduce the revaluation reserve by 50000,

Any help on this would be appreciated!!!

Regards

JK

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