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Upward reval: IAS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Upward reval: IAS 16

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  • April 21, 2022 at 8:12 am #654174
    Sourav9271
    Participant
    • Topics: 169
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    • ☆☆☆

    Sir,
    Dr Asset (Upwards reval)(sofp)
    Cr Reval reserve (sofp).
    Isn’t it?

    Further,

    Cr OCI
    DR ?

    Quite confused ’bout the double entry..

    April 22, 2022 at 11:39 am #654281
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6493
    • ☆☆☆☆☆

    You 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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