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I am wondering why the gain on land $2m did not put in OCI, instead it is calculated in RE.
since IAS 16 says:
If a revaluation results in an increase in value, it should be credited to other comprehensive income and accumulated in equity under the heading “revaluation surplus” unless it represents the reversal of a revaluation decrease of the same asset previously recognised as an expense, in which case it should be recognised in profit or loss.
I GOT IT