Organizations may also dispose of a fixed asset by selling it. Depending on the condition and expected salvage value of the asset, it may be sold for more or less than its carrying value. The journal entry to record the sale of a fixed asset includes removing the book value of the fixed...
First included in: FixedAssets/AssetJournalEntity (this entity) Properties NameValue dataFormatstring isNullabletrue Traits List of traits for the OffsetAccountType attribute are listed below. is.dataFormat.character is.dataFormat.big is.dataFormat.array ...
Later, when the fair value of the revalued fixed asset goes back down (e.g. due to the impairment), the company needs to make the journal entry of the reversal of revaluation of fixed assets as below: As the reversal from the first journal entry above, both total assets and total equi...
Had the fair value been $140,000 the excess of carrying amount over fair value would have been $27,648. In that situation the following journal entry would have been required. Revaluation Surplus20,000 Impairment Losses7,648 Building20,000 ...
a固定资产是一种非现性质的固定成本,其折旧是一项基本的财会制度,是生产费用核算和成本计算的一项重要内容。根据固定资产折旧范围、减值准备、使用年限等影响因素,科学合理的确定固定资产折旧方法对于正确反映企业的经营状况和财务状况有着十分重要的作用。通过对几种折旧方法的比较,综合得出加速折旧法是最趋于现金收支规律...
Impairment: You record a reduction in value due to events or circumstances. Disposal: You sell, scrap, or use another way dispose of an asset at the end of its service life. Audits are also included in the detailed checks of your company’s accounting records after closing the books for ...
AssetImpairmentIndicatorEntity AssetInventoryFixedAssetTransferJournalNameEntity AssetJournalEntity AssetJournalHeaderEntity AssetJournalLineEntity AssetJournalV2Entity AssetLocationEntity AssetLocationTransferHistoryEntity AssetMajorTypeEntity AssetPackingSlipEntity AssetParametersEntity AssetPara...
AssetImpairmentCashGeneratingUnitSharedAssetEntity AssetImpairmentCashGeneratingUnitSharedAssetsAllocationEntity AssetImpairmentIndicatorEntity AssetInventoryFixedAssetTransferJournalNameEntity AssetJournalEntity AssetJournalHeaderEntity AssetJournalLineEntity AssetJournalV2Entity AssetLocationEntity...
represents a cash outflow to the company while a sale is a cash inflow. If the asset's value falls below its net book value, it is subject to animpairmentwrite-down. Its recorded value on the balance sheet is adjusted downward to reflect that it is overvalued compared to themarket value...
The difference between the cost model and revaluation model is that the revaluation model allows both downward and upward adjustment in value of an asset, while the cost model allows only downward adjustment due to impairment loss. This is the model currently ...