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our profit for the year =200
CV = 100
revalued amount=80
revaluation loss= 20sir 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 = 180OR
profit for year = 200
OCI
loss on revaluation 20
total OCI 180sir does loss on revaluation goes to SFP on equity section reducing our surplus?
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.
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