When revaluing existing asset which is still depreciating over the life time, what will be the finan
When revaluing existing asset which is still depreciating over the life time, what will be the financial impact on the asset if we change the Date in service of the asset to the revalued date?
We are done the revaluation of building category which are not fully reserved assets. We change the Date in service of assets to the revalued date.
Then Accumulated depreciation is reversed and it debited to depreciation expense account which is financially incorrect. What would be the effect when change the date in service of a asset to the revalued date after doing the revaluation?