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Fixed Asset Revaluation (IFRS)
Increasing the carrying value of land or buildings to reflect current market fair value.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Land / Building | Asset (+) | 20,000.00 | - |
| Revaluation Surplus (OCI) | Equity (+) | - | 20,000.00 |
💡 Accountant's Note
Under the IFRS Revaluation model, the gain does not go to the Income Statement; it goes to 'Other Comprehensive Income' (OCI) in Equity.
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