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Gains on Revaluations for PPE and IP aside, is it that there’s no movement at all in Addlington’s SOFP Revaluation Reserve for the six month period to 30 June 15?
We have changed the assets use from PPE, where gains were recognised through OCI, to IP and gains now recognised through profit or loss.
The gain that we see in OCI is the one we recognise when the asset’s use is changed as it is revalued under IAS16 first before it is then classified as IP and IAS40.
Once the asset is changed to being IP then there will be no change in value that goes through OCI if it increases in value between the date of change of use and the reporting date. Any change in value now goes through profit or loss.
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