If an entity revalues its land upward and this is the

Solution

Under Ind AS 16 (Property, Plant and Equipment), when an asset's carrying amount is increased as a result of a revaluation, the increase must be recognised in Other Comprehensive Income (OCI) and accumulated in equity under the heading of revaluation surplus.  ·        Initial Revaluation: If it is the first time the asset is being revalued and it results in an upward movement, it cannot be taken to the P&L because it is an unrealised gain. ·        Exception: The only time an upward revaluation is recognised in Profit or Loss is if it reverses a revaluation decrease of the same asset previously recognised in Profit or Loss.