According to IAS 16,a decrease in the carrying amount of a fixed asset that is identified on an asset's first revaluation should be recorded as:
A)an expense on the Income Statement.
B)a prior period adjustment to Retained Earnings.
C)a credit to Revaluation Surplus.
D)a debit to Revaluation Surplus.

Question

Quizplus · Accepted Answer

A decrease in the carrying amount of a fixed asset on its first revaluation should be recognized as an expense in the Income Statement, unless it reverses a previous revaluation surplus for the same asset.

According to IAS 16,a Decrease in the Carrying Amount of a Fixed