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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?
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if someone could tell me all the correct accounts associated with these ill be very grateful.
thanks again!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.
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thank you !!
I wanted your answer as they are the best just think im asking too much
thanks again john!
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