Revaluations

Question 1

How to revaluate an asset

Answer 1

Create a small table with following sections:

Opening measurement (original measurement you had for the asset):
Depreciation:
Re-valuation amount (balancing figure):
Closing valuation

Make sure the new valuation you must reach (usually cost of replacement) is like-for-like, so if the asset has been used for one year, depreciate both assets by one year, even the ‘new’ asset