+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forum-accounting-and-audit)
+--- Thread: Why we credit Profit and Loss account under IAS 40 (/thread-why-we-credit-profit-and-loss-account-under-ias-40)
Why we credit Profit and Loss account under IAS 40 - farrukh090 - 02-14-2011
Can anyone answer?
Under IAS 40 (Investment Properties), Why do we credit P&L Account when property is revalued?
A/C entry
Dr Investment Properties
Cr P&L
and Under IAS 16 Property Plant & Equipment we only credited Revaluation Reserve when Property revalued.
A/C Entry,
Dr Property Plant and equipment
Cr Revaluation Reserve
Kindly explain this difference I am really confused about both concept...