Are there any assets we recognize revaluation surplus on and how do we record it?

Hi, Thank you for this question! The answer is: it depends :) If you follow the International Financial Reporting Standards (IFRS), you can create a revaluation surplus to value upward any changes in the market value of fixed assets - buildings, equipments, etc. The accounting entries for that are: Dt: Fixed Asset Ct: Revaluation Surplus (as this is an equity account which increases on the credit side) However, a revaluation surplus is not allowed under US GAPP. Best, The 365 Team

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Bashir Ajao

Last answered:

07 Mar 2023

Posted on:

06 Mar 2023

Resolved: Revaluation Surplus

in Fundamentals of Financial Reporting / Non-current Assets

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Antoniya Baltova

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Posted on:

07 Mar 2023

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Resolved: Revaluation Surplus

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