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Revaluation Gain/Loss in Financial Statements

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Revaluation Gain/Loss in Financial Statements

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by MikeLittle.
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    Posts
  • November 16, 2013 at 4:01 pm #146328
    Issen
    Member
    • Topics: 12
    • Replies: 9
    • ☆

    Hi,
    If a non-current asset is revalued from historical cost to fair value by $3m, will it be included in Statement of Profit or Loss and Other Comprehensive Income as Revaluation Gain, and at the same time Cr Revaluation Surplus in Statement of Financial Position?
    Thanks in advance. 🙂

    November 16, 2013 at 8:12 pm #146375
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23303
    • ☆☆☆☆☆

    Yes, it’s in both

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