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IAS 16 – PPE Revaluation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 16 – PPE Revaluation

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by P2-D2.
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  • Author
    Posts
  • February 22, 2022 at 12:48 pm #649104
    iamkrishna10
    Participant
    • Topics: 3
    • Replies: 1
    • ☆

    CASE- In Y1, the revaluation loss for an asset was $4000, but in Y2, there was a revaluation gain of $6000.

    Questions – 1) How do we treat this gain when there is an existing loss?
    2) In Y2, if the gain was $3000, how would we record it?

    February 24, 2022 at 9:19 am #649246
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    Hi,

    If the loss was taken originally through profit or loss then the subsequent gain will go through profit or loss too. Any excess gain would go through OCI.

    If the loss was originally taken through OCI as it had been previously revalued upwards, so the loss then taken through OCI then the gain now taking place would also go through OCI.

    Thanks

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