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Ask the Tutor ACCA FA

Revaluation

Ssalluk10y ago
our profit for the year =200 CV = 100 revalued amount=80 revaluation loss= 20 sir how should we show that loss in financial statement? should we put that loss in OCI or in p/l account? profit for the year = 200 less :loss on revaluation 20 profit = 180 OR profit for year = 200 OCI loss on revaluation 20 total OCI 180 sir does loss on revaluation goes to SFP on equity section reducing our surplus?
John MoffatJohn MoffatTutor10y ago#1
You will not have revaluation losses in Paper F3. Assets will fall in value due to depreciation (and if necessary we would change the depreciation policy), but in Paper F3 there will only be revaluations upwards.
Ssalluk10y ago#2
ok sir thank you :)
John MoffatJohn MoffatTutor10y ago#3
You are welcome :-)
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