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      Question

      Under Ind AS, when an entity adopts revaluation model

      for property, plant & equipment:
      A Revaluation surplus is recognised in profit & loss directly Correct Answer Incorrect Answer
      B Revaluation surplus is credited to revaluation reserve in equity unless reversing prior deficit charged to P&L Correct Answer Incorrect Answer
      C Revaluation always goes to reserves and never to P&L Correct Answer Incorrect Answer
      D Revaluation is prohibited under Ind AS Correct Answer Incorrect Answer
      E Revaluation surplus reduces retained earnings Correct Answer Incorrect Answer

      Solution

      Gains on revaluation usually go to OCI and revaluation reserve unless reversing previous loss recognised in P&L.

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