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How should we account, if a part of stamp duty of a capitalize property is refunded by the authority?


We capitalized a land in the previous year with stamp duties and part of the stamp duty has been refunded by the authority. we need to clarify whether this refund should be set off against the value of the land.

asked Sep 12 in IAS 16 - Property, Plant and Equipment by Hasini

1 Answer

0 votes
You can account for that as per IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Correct all errors retrospectively. Restate the comparative amounts for prior periods in which error occurred or if the error occurred before that date and restate opening balance of assets,
liabilities and equity for earliest period presented.
answered Sep 12 by Kapig Level 2 Member (3,350 points)
Thank you very much for the help!


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