Revaluation of fixed asset??

H

Hulahoop09

Guest
Anyone know how to deal with this

Sole Trader - owner wants to reduce carrying value of land by 50%
Reason given is they see the market value of land being less than original cost, however they havent considered this in prior years.

Should all FA's be revalued seeing as one is being revalued? Will valuations have to be performed each year thereafter?

How/Who should perform the revaluation of land?

Are there any reasons this should not be revalued?

What guidelines are there to follow are there specific ones relating to this?
 
Hi,

Just to confirm this is a sole trade with land. Is it trading land, investment land or land on which a building in which he operates his trade in? What is his trade?

All have different consequences.
 
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