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Upward reval: IAS 16

This topic has 1 reply, 2 voices, and was last updated 3 years ago by P2-D2.

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April 21, 2022 at 8:12 am #654174
Sourav9271
Participant
- Topics: 170
- Replies: 120
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: 7172
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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