Sir,
Dr Asset (Upwards reval)(sofp)
Cr Reval reserve (sofp).
Isn't it?
Further,
Cr OCI
DR ?
Quite confused 'bout the double entry..
Ask the Tutor ACCA FR
Upward reval: IAS 16
4y ago#1You do not need a second double entry, you only need the first one. Effectively the gain goes through OCI and then this is highlighted in the statement of changes in equity increasing the revaluation surplus.
Thanks
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