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Is revaluation decrease shown in other comprehensive income. If not why. Also what is the entry to record the revaluation decrease and revaluation increase and what is the difference between the entries to record the revaluation decrease and revaluation increase
Also any revaluation gain on the head office building is recognised in other comprehensive income and any revlauation loss is recognised in profit or loss Why is this statement true because what I think is that the revaluation loss is recognised in other comprehesive incomePlease refer to p.24 of the class notes. Read it and then work the example and watch the associated video.
In the notes it is mentioned that any revaluation decrease goes to the revaluation reserve first.
So why the statement that any revaluation gain on the head office building is recognised in other comprehensive income and any revaluation loss is recognised in profit or loss is true because what I think is that the revaluation loss should first be recognised in other comprehensive income
Also why the statement that the original head office building and the new extension are revalued separately is not true
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