I previously requested access to accumulated depreciation accounts in journal entries to meet accounting standards. From the example journal above, it seems this feature is now available, which is great news.
With this update, businesses can make the necessary entries to comply with IFRS requirements, they just need to create other relevant accounts, like revaluation surplus, to support accurate journal postings.
In my opinion, for businesses that do not anticipate selling a fixed asset in the long term, the cost model is a practical choice. It eliminates the need to determine the asset’s value for revaluation purposes. While most users of Manager will likely opt for the cost model, it’s essential to allow flexibility for other approaches and for student using this excellent tool for learning accounting.