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FRS 102 & FRSSE

  • 13-04-2016 1:32pm
    #1
    Boomtownrat81
    Registered Users Posts: 56 ✭✭


    Folks,
    In relation to FRS 102, when restating the opening TB at the transition date, if a revaluation reserve is in place, this stays in place.
    Am I correct in stating that you then depreciate the asset as normal and offset the revaluation reserve against the depreciation charge in relation to that asset until the reserve reduces to nil?
    In effect, are we posting the following journals?;

    DR Dep'n P & L
    CR Acc Dep
    (Being annual dep charge)

    DR Rev Res
    CR Acc Dep
    (Being offset of unused revaluation reserve balance)

    In relation to FRSSE, this is being phased out from 01/01/2016. The UK have the micro entity FRS 105 but this is not in place here yet.
    What is the GAAP for small entities in Ireland from 01/01/2016?

    Many thanks


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