Not if you're a railway accountant. If you look at what the LMS did when creating the first two "Rebuilt Claughtons" (i.e. leading directly to the "Patriot"), the engines were to all intents and purposes new, with only the Claughton driving wheels, bogie wheels and maybe the bogies being reused.
Doing it that way seems to mean the capital account is unaffected, as you count it as repairs instead. 'Tis all creative accountancy.