When companies following IFRS write-up an asset to its current fair value,an owners' equity account entitled "revaluation surplus" is credited and disclosed as a separate line item.

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Under IFRS, when an asset is revalued to its fair value, any increase in value is credited to an equity account called "revaluation surplus." This account is disclosed as a separate line item within the equity section of the balance sheet.

When Companies Following IFRS Write-Up an Asset to Its Current