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Dear Mike,
“A revaluation deficit should be recognised in the statement of profit or loss (unless the asset has been revalued upwards before which, in this case, it has not).”
Does this apply to surplus also – recognised in statement of profit or loss?
Thanks Mike
Candy, I’m just going to amend the question a little bit and then let you think of the answer. OK?
Here we go
“A revaluation surplus should be recognised in the statement of profit or loss (unless the asset has been revalued upwards before)”
See, I’ve changed the word ‘deficit’ into your suggested alternative ‘surplus’
Now read that and tell me, please, if it makes sense
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