If an asset's carrying amount is increased due to an initial revaluation that increase shall be recognised in:
A) other comprehensive income.
B) the profit and loss.
C) in the disclosures.
D) None of the given answers are correct.

Question

Quizplus · Accepted Answer

An increase in carrying amount due to an initial revaluation is recognised as a revaluation surplus in other comprehensive income.

If an Asset's Carrying Amount Is Increased Due to an Initial