Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued
amounts are recorded at the fair value at the date of revaluation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
comprehensive income and accumulated in equity, except to the extent it reverses a revaluation
decrease of the same asset previously recognised in profit or loss. A decrease in the carrying
amount of an asset as a result of revaluation, is recognised in other comprehensive income to
the extent of any previously recognised revaluation increase accumulated in equity in respect of
that asset. Where a revaluation decrease exceeds the accumulated revaluation gains
accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual
value, over the useful economic life of that asset as follows: