We have set up the new production facility in an old warehouse that we stopped using a year ago. Prior to deciding on the expansion, we had considered selling the building and it had been valued at E$100,000 on 30 June 2021. This IS significantly higher than its carrying amount of E$40,000 in our financial statements. I would like to include this value of E$100,000 in our financial statements for the year to 30 June 2021. I also think that we should do this for the rest of the buildings that we own where the revalued amount is higher than the carrying amount. Please let me know whether this is possible, and how revaluing our buildings will affect our financial statements for the year to 30 June 2021 and reported profit in the following year.
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"We have set up the new production facility in an old warehouse that we stopped using a year ago. Prior to deciding on the expansion, we had considered selling the building and it had been valued at E$100,000 on 30 June 2021. This IS significantly higher than its carrying amount of E$40,000 in our financial statements. I would like to include this value of E$100,000 in our financial statements for the year to 30 June 2021. I also think that we should do this for the rest of the buildings that we own where the revalued amount is higher than the carrying amount. Please let me know whether this is possible, and how revaluing our buildings will affect our financial statements for the year to 30 June 2021 and reported profit in the following year.
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