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revaluation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › revaluation

  • This topic has 4 replies, 2 voices, and was last updated 11 years ago by John Moffat.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • March 6, 2014 at 2:37 pm #161633
    Anonymous
    Inactive
    • Topics: 17
    • Replies: 53
    • ☆☆

    shown on account:

    Statement of profit or loss &comprehensive income = Realised revaluation surplus

    SOFP = unrealised revaluation surplus

    Statement of profit or loss & comprehensive income = unrealised revaluation loss

    SOFP = Realised revaluation loss

    ive read this somewhere on the internet and im not sure it is correct?

    March 6, 2014 at 3:01 pm #161635
    Anonymous
    Inactive
    • Topics: 17
    • Replies: 53
    • ☆☆

    if someone could tell me all the correct accounts associated with these ill be very grateful.
    thanks again!

    March 6, 2014 at 5:21 pm #161648
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    If you ask a question in this forum, it is for me to answer. If you want answers from others then ask in the general F3 forum.

    A revaluation gain is credited to the revaluation reserve on the Statement of financial position. It is also disclosed in ‘other comprehensive income’ on the statement of comprehensive income (and in the Statement of changes in equity).

    A downward revaluation (which is rare) is charged as an expense in the Statement of profit or loss (unless it reverses a previous upward revaluation in which case it is charged against the revaluation gain for the same asset).

    All the above refers to unrealised gains and losses.

    A realised gain or loss occurs when the asset is sold. Any profit or loss on sale appears in the Statement of profit or loss.

    March 6, 2014 at 5:38 pm #161655
    Anonymous
    Inactive
    • Topics: 17
    • Replies: 53
    • ☆☆

    thank you !!

    I wanted your answer as they are the best just think im asking too much

    thanks again john!

    March 6, 2014 at 5:41 pm #161656
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    No problem 🙂

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    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • The topic ‘revaluation’ is closed to new replies.

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