In a paragraph please explain when should a revaluation increment be included as part of profit...
In a paragraph please explain when should a revaluation increment be included as part of profit or loss?
Homework Answers
A revaluation increment will always be a part of Statement of Profit or Loss and Other Comprehensive Income (OCI), but it would be a part of either Profit or Loss OR as part of Other Comprehensive Income.
Paragraph 39 of AASB 16 states the following
If an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognized in OCI and accumulated in equity under the head of Revaluation Surplus. However, the increase shall be recognized in Profit or Loss to the extent that it REVERSES A REVALUATION DECREASE OF THE SAME ASSET PREVIOUSLY RECOGNIZED IN PROFIT OR LOSS.
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