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What is Impact of Excess Depreciation on Asset Revaluation about?

The document summarizes the accounting treatment for the revaluation of an asset. When the asset is revalued, journal entries are made to increase the asset value, recognize a deferred tax liability, and record the surplus in a revaluation reserve. Annual depreciation is recorded against the revalued amount with the excess depreciation transferred from the revaluation reserve to retained earnings. No adjustment is needed to the deferred tax from the excess depreciation transfer as it has already been accoun

Author

Bavaria_Homeland

Language

EN