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hi there Im really confused on the revaluation example notes and example on page 34 of the study texts.
It says that with a revaluation the surplus goes to Other comprehensive income (P/L therefore) but then the asset transfer shows the surplus going to Revaluation Surplus,
So which one is it please? thanks
Statement of profit or loss and OCI has two parts:
1. P or L: The total for each year is accumulated in retained earnings (“accumulated profit”) in the Statement of changes in equity (Socie)
2. OCI: The amount of each item for the year, e.g. revaluation gain, is accumulated in a separate column in the Socie – e.g. revaluation surplus.A revaluation surplus is included in equity “via OCI”.
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