How revaluation of assets is treated in PL as per Ind AS 16

Question

Accepted Answer

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 the asset is disposed of
Revaluation is allowed only for certain classes of assets such as property, plant and equipment
The frequency of revaluation depends on the nature of the asset and the volatility of its fair value

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