How should we do the accounting of Revaluation of Assets as per AS 10?
How should we do the accounting of Revaluation of Assets as per AS 10?
Jeeba Mar. 15, 2018
AS 10 states that increase in value of the fixed on revaluation is credited to the reserve and surplus except that, to the extent that such increase is related to and not greater than a decrease arising on revaluation previously recorded as a charge to the profit and loss statement.
Decrease in value of assets on the revaluation shall be charged to P&L account except that to the extent such a decrease is related to an increase which was previously recorded as a credit to revaluation reserve and which has not been subsequently reversed or utilized , it may be charged directly to that account.
