If the election is made to use revaluation and a revaluation results in an increase in the carrying amount of a fixed asset, recognize the increase in other comprehensive income, as well as accumulate it in equity in an account entitled “revaluation surplus.” However, if the increase reverses a revaluation decrease for ...

Is revaluation a profit?

Revaluation gains are recognised in equity unless they reverse revaluation losses on the same asset that were previously recognised in the income statement. In these circumstances, the revaluation gain is recognised in the income statement.

Does land revaluation increase profit?

If an asset's carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss.