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Robby purchased plant, property and equipment (PPE) for $12 million on 1 June 20X9. It has an expected useful life of 20 years and is depreciated using the straight line method. On 31 May 20x1, the PPE was revalued to $14 million. At 31 May 20X2 impairment indicators triggered an impairment review of the PPE. The recoverable amount of the PPE was $8.4 million. The only accounting entry posted for the year to 31 May 20X2 was to account for the depreciation based on the revalued amount as at 31 May 20x1 . Robby's accounting policy is to make a transfer of the excess depreciation arising on the revaluation of PPE.
Required:
Problem 1: Discuss how the above item should be dealt with in the financial statements of Robby for the year ended 31 May 20X2.
Financial Statement Analysis and Preparation
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