Post Reply 
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Why we credit Profit and Loss account under IAS 40
02-14-2011, 07:54 PM
Post: #1
Why we credit Profit and Loss account under IAS 40
Can anyone answer?

Under IAS 40 (Investment Properties), Why do we credit P&L Account when property is revalued?

A/C entry

Dr Investment Properties
Cr P&L

and Under IAS 16 Property Plant & Equipment we only credited Revaluation Reserve when Property revalued.

A/C Entry,

Dr Property Plant and equipment
Cr Revaluation Reserve

Kindly explain this difference I am really confused about both concept...
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 1 Guest(s)