Question

If an entity revalues its land upward and this is the first time revaluation is being done, how is the increase treated under Ind AS 16?

Q: Answer-If an entity revalues its land upward and this is the first time revaluation is being done, how is t...

Under Ind AS 16, if an assets carrying amount is increased due to revaluation and there is no prior loss reversal, the increase is recognised in Other Comprehensive Income OCI and accumulated in equity as a revaluation surplus.

A Recognised in profit or loss

B Recognised in OCI and accumulated under revaluation surplus

C Ignored in books

D Adjusted against retained earnings

E Taken to capital reserve directly

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If an entity revalues its land upward and this is the first time revaluation is being done, how is the increase treated under Ind AS 16?

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