Regarding Charging of Depriciation on the revalued asset

Smriti (Querist) 01 May 2010 This query is : Resolved
If the Fixed Asset of the Company are revalued in the month of September, whether the Depciation on the asset after revaluation be charged on the WDV or revalued value of the Asset.

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A V Vishal (Expert) 01 May 2010
In case the depreciable assets are revalued, the provision for
depreciation is based on the revalued amount on the estimate of the remaining
useful life of such assets. In case the revaluation has a material effect on the amount of depreciation, the same is disclosed separately in the year in which
revaluation is carried out.

Kumar Thadhani (Expert) 03 May 2010
I agree with expert MrVishal.

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