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.
The Government of India signed a $200 million loan with ADB to improve urban services in which Indian state?
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