hi silvia. this video confuses me with the other video about ias 8. it was explicitly stated in the other video that the change to revaluation model is not a change in accounting policy. This video states otherwise. Please clarify.
+Aldwin Francisco Dear Aldwin, change from cost model to revaluation model IS a change in accounting policy. BUT, the standard IAS 8 states that you should account for this change as for a revaluation under IAS 16/IAS 38 and not under IAS 8 (therefore, although it is a change in accounting policy, you do NOT restate previous years) - please refer to paragraph 17 in IAS 8. S.
Hello Silvia, What if the NBV of an asset is 0 and the expected useful life is extended? If no material error involved in the previous years, should the correct entries are Dr. Accumulated Depreciation, Cr. Depreciation Expenses to reflect the current year changes?
It takes time to study and understand IAS 8 correctly but this example instantly makes you understand the major concepts of IAS 8. Really amazing!
Very helpful indeed. I have subscribed to IFRSbox after watching this video.
thumbs up- marvelous example covering IAS 16 and IAS 8
Crystal clear explanation !!
Thanks for your clear explanation. Your detail transaction help me to be able to understand how to treat it visually. 🥰😘
thank your very much maam excellent
Thank you so much Silvia :)
great concept mam..thanku so much for giving a clear concept mam..
Awesome
Estimated useful life and residual value should be reviewed after every accounting year ended,it is already stated in IAS16.
Dear Silvia,
Will you download additional videos related to IFRS?
Regards,
Ayoub Farhat
you are the best. thank you
Gr8 Work
hi silvia. this video confuses me with the other video about ias 8. it was explicitly stated in the other video that the change to revaluation model is not a change in accounting policy. This video states otherwise. Please clarify.
+Aldwin Francisco Dear Aldwin,
change from cost model to revaluation model IS a change in accounting policy. BUT, the standard IAS 8 states that you should account for this change as for a revaluation under IAS 16/IAS 38 and not under IAS 8 (therefore, although it is a change in accounting policy, you do NOT restate previous years) - please refer to paragraph 17 in IAS 8. S.
+Silvia M. (of IFRSbox) thanks silvia! you're the best! :)
Hello Silvia,
What if the NBV of an asset is 0 and the expected useful life is extended? If no material error involved in the previous years, should the correct entries are Dr. Accumulated Depreciation, Cr. Depreciation Expenses to reflect the current year changes?
Thanks
Reducing balance?