just wanted to confirm something
any revaluation increase is taken to OCI (other comprehensive income) and/or to Revaluation surplus
and decrease in revaluation is taken to OCI and/or to Revaluation Surplus.
But the reversal of previous decrease is taken to P&L first and then to Revaluation Surplus.
But what about the reversal of previous increase?
Correct me if I am wrong anywhere.
I think previous Increase was taken to Revaluation Surplus (R/S) and realized over the remaining useful life of the asset in the P/L. Any subsequent revaluation losses will be taken to the R/S to the extent of the remaining balance in the account for that asset and any remaining loss will be taken to the P/L.