Question

Under IAS 16, how is an initial (first-time) upward revaluation of a land asset recorded in the financial statements?

A Credited directly to Net Income on the Income Statement as "Revaluation Income."
B Credited to Other Comprehensive Income (OCI) and accumulated in equity under "Revaluation Surplus."
C Credited to Retained Earnings directly as a capital reserve adjustment.
D Debited to the Asset account and credited to Deferred Tax Liability only.
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