FRSIC Consensus 11 – When A Company Changes The Measurement Basis For Its Assets Which Warrants A Prior Year Adjustment, Should The Related Depreciation Charges Be Adjusted Retrospectively Based On The Revised Definition Of Residual Value In Accordance With FRS 116? (31 July 2008)

The effective date of the application of this FRSIC CONSENSUS was 31 July 2008.

The release of FRSIC Consensus 11 – When A Company Changes The Measurement Basis For Its Assets Which Warrants A Prior Year Adjustment, Should The Related Depreciation Charges Be Adjusted Retrospectively Based On The Revised Definition Of Residual Value In Accordance With FRS 116? provides guidance, on the issue in the event that there is a change in the measurement basis of a property, plant and equipment from revaluation model to cost model (which is a change in accounting policy), how should the retrospective application be computed had paragraph 54 and 55 of FRS 1162004 been applied previously.  The change in the measurement basis takes place in the first year of adoption of FRS 116. The issue is in the event that there is a change in the measurement basis of a property, plant and equipment from revaluation model to cost model (which is a change in accounting policy), how should the retrospective application be computed had paragraph 54 and 55 of FRS 1162004 been applied previously.  The change in the measurement basis takes place in the first year of adoption of FRS 116.

You can download FRISC Consensus 11 here: http://www.frsic.my/consensus_consensus.asp

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