Hi,
We have some assets where their asset class is Land(no depreciation). Let me tell you as example, we have 4 assets(A, B, C, D) under asset class of Land. We have local GAAP dep area in addition to Book depreciation. A, B fixed assets acquisition values updated in Book dep area and Local GAAP dep area, but C, D asset acquisition values not updated in Local GAAP. But updated in Book depreciation.
What we noticed, For C, D assets values are not getting updated since starting of assets acquired. These assets acquisition done in 1980. I have observed that legacy data values(Take over values) not updated for local GAAP dep area also during legacy data transfer. I believe in that this is the main reason for local GAAP values not updating to particular assets.
Now client wants to update acquisiton values to local GAAP dep area. I would like to know what to be done in this case as there is problem from many years.
Thank you in advance.
Regards,
Vinay
.