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In FR notes an illustration is given on pg 28 titled, “Illustration – Revaluation and annual excess depreciation transfers”
(Uruguay acquired land and buildings for a combined cost of $5.5 million on 1 January 2020, with the land
comprising $0.5 million of this amount. Buildings are depreciated over their useful life of 25 years.
On 1 January 2024, the land was revalued to $0.8 million and the buildings to $6 million.
To reflect this at the 31 December 2024 reporting date, the financial statements of Uruguay will look as
follows:)I have understood all aspects of the answer but the part that does not make sense to me is that why are we not adding the revaluation gain of land in the SOCE? , is it something to do with the date it was revalued on or is it an error in the answer?
thanks in advance
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