Question
A company revalued its land upward by ₹30 lakh during
the year. It has not previously recorded any impairment or downward revaluation for this asset. How should this gain be accounted for in the financial statements as per Ind-AS 16?Solution
Revaluation gain is recorded in OCI and accumulated under revaluation reserve as per Ind-AS 16 unless it reverses a prior revaluation loss.
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