- 10 Marks
PSAF – L2 – Q10.1 – Revaluation of Assets
Show financial statement extracts for Kumawu District Assembly's building revaluation at 31 December 2024 under IPSAS.
Question
Kumawu District Assembly revalues its buildings and decides to incorporate the revaluation into the financial statements. The following information has been made available:
a) Extract from the statement of financial position at 31 December 2023
| Buildings at cost | GHc’000 |
|---|---|
| Buildings at cost | 300,000 |
| Accumulated Depreciation | (93,000) |
| Carrying amount | 207,000 |
b) Depreciation has been provided at 2% per annum on a straight-line method.
c) The building is revalued at 30 June 2024 at GHc276 million. There has been no change in the remaining estimated future life of the buildings.
Required:
Show the relevant extracts from the financial statements at 31 December 2024.
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