Thanks! Chris and Whole Open Tuition Team for providing such quality Lectures Your Lectures are very helpful for me . I can say your Lectures helped me to pass FR I wish you guys keep making these videos more often Kudos to whole Team and Chris Specially #YNWA Chris
Wow guys you're supercalifragilisticexpialidocious awesome. You helped a lot since we didn't have enough lecture time due to COVID-19. But I understand better now. God will will bless you with your good work. Keep it up
Thanks. I came here to look for an answer as to why the deferred tax liability is not taken to pnl. I got it. Another question i need answering to ask is why are we reversing the depreciations previously done when recognising the surplus as a result of revaluation?
Our tutors do not monitor posts here, but if you post your question(s) in the free Ask the Tutor Forum on our free website then our tutor will definitely answer you 🙂
you assume opening DTL in year 2015 is zero, so whole year 2014 without considering any deferred tax? if modify the question bought a property for 500,000 on 1 january 2014 could be better? ```
For step 4, is 'Tax OCI' referring to the 'Revaluation reserve account' I e Debit 66000 to Revaluation reserve, so that the balance of the Revaluation account in the SOFP is 264,000 (330000-66000)?
What about subsequent year to account for the deferred tax liability of $66,000 related to revaluation? For example, if the asset is going to be depreciated for 5 years, we need to debit 1/5 of $66,000 = $13,200 to account for the movement of this deferred tax liability and then credit to P&L?
I completely agree. I would assume the depreciation would be spread evenly over UL estimate. As such, the $30,00 depreciation over 2 years as such would only be $15,000 for FY 2015. Chris only a small point. The rest of the content is amazing, thank you so much!
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Thanks! Chris and Whole Open Tuition Team for providing such quality Lectures
Your Lectures are very helpful for me . I can say your Lectures helped me to pass FR
I wish you guys keep making these videos more often
Kudos to whole Team and Chris Specially
#YNWA Chris
Wow guys you're supercalifragilisticexpialidocious awesome. You helped a lot since we didn't have enough lecture time due to COVID-19. But I understand better now. God will will bless you with your good work. Keep it up
Great material! Thank you for sharing it!
Which depreciation one should use to counter check DTL ? Old depreciation or revalued?
Thanks. I came here to look for an answer as to why the deferred tax liability is not taken to pnl. I got it. Another question i need answering to ask is why are we reversing the depreciations previously done when recognising the surplus as a result of revaluation?
Our tutors do not monitor posts here, but if you post your question(s) in the free Ask the Tutor Forum on our free website then our tutor will definitely answer you 🙂
you assume opening DTL in year 2015 is zero, so whole year 2014 without considering any deferred tax? if modify the question bought a property for 500,000 on 1 january 2014 could be better? ```
Yes the date just needs changing, and the example works without any issues. The property should be bought on the 01/01/15 instead of 01/01/13
For step 4, is 'Tax OCI' referring to the 'Revaluation reserve account' I e Debit 66000 to Revaluation reserve, so that the balance of the Revaluation account in the SOFP is 264,000 (330000-66000)?
What about subsequent year to account for the deferred tax liability of $66,000 related to revaluation? For example, if the asset is going to be depreciated for 5 years, we need to debit 1/5 of $66,000 = $13,200 to account for the movement of this deferred tax liability and then credit to P&L?
30,000depreciation won't be fully belong to year 2015, but year 2014 and year 2015 together?
Please ask your questions in the free Ask the Tutor Forum on our website. The tutor will answer you there :-)
I completely agree. I would assume the depreciation would be spread evenly over UL estimate. As such, the $30,00 depreciation over 2 years as such would only be $15,000 for FY 2015. Chris only a small point. The rest of the content is amazing, thank you so much!
20000???