We have exchanged one fire station for another with a contractor and are quite content with the treatment as per the Code (bottom of page 531) assuming the exchange has no commercial substance.
I'm not so sure about how to present it in the PPE note and the CAA note and would very much appreciate any suggestions.
In the PPE note the write out of the old asset I'd assume sits in the "Derecognition - disposals" line but not sure that the new asset fits in with "Additions". Our Auditors will want to reconcile capital expenditure with that line but I can't see where else it would go - any thoughts?
In the CAA note the write out of the old asset I'd assume sits in the "Amounts of non-current assets written off..." but note sure where the new asset financing goes. Does it just net off on the same line which seems to fit as it comes from "CIES - other operating expenditure". It is not a "Capital grant" or a "Donated asset" so at a loss - again, any thoughts?