hariRaj

Kiakaha, you are right. Under IFRS you have the option to use either cost method or revaluation or a combination of the 2 as long as assets within an asset class are accorded the same method. IFRS, allows for the asset to be market at higher than original cost.

If this is reversing a previous decrease in the asset value then to the amount that was previously reported as a loss on the IS will be reported as a gain and the remainder as Comprehensive Income and revaluation surplus and vice versa.