Reinstatement of Fully Depreciated Assets

Abstract

XYZ Bank is firmly established as a Sri Lanka’s premier financial services organization. Today the Bank’s portfolio of products and services is diverse and comprehensive, to facilitate commercial banking, personal banking, development financing etc. The XYZ Bank now leads in the local banking industry as the biggest in terms of profit, assets, deposits, advances and foreign currency remittance. Most of entities face many issues and questions during the process of accounting for items of property plant and equipment, including determining an asset’s useful life and which depreciation method to employ. With this context, an attempt is made here to examine the accounting treatment with reference to the fully depreciated assets which are still in use in XYZ Bank.