How should we account, if a part of stamp duty of a capitalize property is refunded by the authority?

Question

We capitalized a land in the previous year with stamp duties and part of the stamp duty has been refunded by the authority. we need to clarify whether this refund should be set off against the value of the land.

Answer 1

You can account for that as per IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Correct all errors retrospectively. Restate the comparative amounts for prior periods in which error occurred or if the error occurred before that date and restate opening balance of assets,
liabilities and equity for earliest period presented.

Comments

Thank you very much for the help!