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standard permits revaluation model to record gain..
should we record gain if recoverable amount exceeds NBV by generating revaluation surplus like DR ASSET AND CR REV.SURPLUSIf you’re operating on the revaluation model then yes! That’s exactly what you must do
I think when we do the revaluation model,
For example in upward revaluation that we have 2 method to account for
There are “proportionately” and “eliminate completely”“Proportionately”
Dr PPE
Cr Acc. Depn
Cr Revaluation Reserve“Eliminate completely”
Dr PPE
Dr Acc. Depn.
Cr Revaluation Reverse
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