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?Solution
Under Ind AS 16, if an asset’s 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.
- In which UNESCO Biosphere Reserve was the newly identified plant species Uniyala Keralensis discovered?
What would be the pH value of a solution that turns blue litmus paper red?
Which CPSE has received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in the GIFT City in Gujarat & will contri...
- In which Indian state is "Kuno National Park" situated?
- Which member of the first cabinet of free India (1947) had a different portfolio compared to their role in the Interim government (1946)?
In which Indian state was the country’s first vertical-lift railway sea bridge inaugurated?
- Under the Expert Level Mechanism (ELM), China provides India with hydrological data on which rivers during flood seasons?
- Which country pioneered the implementation of zero-based budgeting?
Parley for the Oceans is a non-profit environmental organization based in which country that focuses on protection of the oceans?
How many rural houses does the government aim to build under PMAY-Grameen in the next five years?
