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Fixed Assets Revaluation

Good Day Everyone

The Main Issue: [ Fixed Assets Appreciation and Impairment ]

Case Scenario:
As per the IFRS, we have to make revaluation to some of the Fixed Assets. Hence, how to handle it in the ERPNext?
e.g: Building worth 2,000,000$ with 10% Depreciation per year. By the end of the year, we got advised by the external auditor that there is an impairment of 300,000$ on the Building (Asset). Now, how to record the Impairment entry and how to calculate the new Asset Value (1,700,000$) After Depreciation in the System?

2nd Case Scenario:
Building worth 2,000,000$ with 10% Depreciation per year. By the end of the year, we got advised by the external auditor that there is an Appreciation of 300,000$ on the Building (Asset). Now, how to record the Appreciation entry and how to calculate the new Asset Value (2,300,000$) After Depreciation in the System?

I do hope that ERPNext Foundation takes this issue seriously and solve it ASAP.
And if I have missed a solution to this issue, I would appreciate any help or Advise.

Thank You

Here is The GitHub Link:

In version 11, you will find option to readjust the value of asset in the Asset master itself.

1 Like

asset value adjustment is for loss of value not for appreciation i think so we have to work on this