How to Record Vessel Revaluation Surplus
Accounting for the upward revaluation of a vessel under the revaluation model of IAS 16.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Vessel Asset | Asset | 500,000.00 | - |
| Revaluation Surplus | Equity | - | 500,000.00 |
💡 Accountant's Note
When a vessel's fair value exceeds its carrying amount, the increase is credited to equity as a revaluation surplus in Other Comprehensive Income.
Practitioner & Systems Framework
💻 ERP Architecture
Fixed Asset Module under the Revaluation tab.
⚠️ Audit Flags
Significant discrepancies between market indices and appraisal values.
📄 Required Documentation
Independent maritime surveyor appraisal report and board approval.
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