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If an asset’s carrying amount is increased as a result of revaluation, the increase shall be recognized in other comprehensive income and accumulation in equity under revaluation surplus. However, to the extent that the increase reverses a revaluation
decrease of the same asset previously recognized in profit and loss then the increase shall be recognized in profit and loss.If an assets carrying amount is decreased as a result of a revaluation ,the decrease shall be recognized In profit or loss .However the
decrease shall be recognized in other comprehensive income to the extend of any credit balance existing in the revaluation surplus in respect of that asset.
Wilfykil answered the question on February 8, 2019 at 06:19
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