India Power Corporation Accounts & Finance Manager Interview Questions and Answers

Revaluation of assets is treated in PL as per Ind AS 16 by recognizing the revaluation gain or loss in Other Comprehensive Income (OCI).

• Revaluation gain or loss is recognized in OCI and not in the income statement

• The carrying amount of the asset is adjusted to fair value

• The accumulated depreciation is adjusted to reflect the revised carrying amount

• The revaluation gain or loss is recognized in the income statement when ...read more