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Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets
Accounting Standard (AS) 10 on 'Accounting for Fixed Assets' permits the revaluation of fixed assets and, inter alia, requires that "An increase in net book value arising on revaluation of fixed assets should be credited directly to owners' interests under the head of revaluation reserve, except that, to the extent that such increase is related to and not greater than a decrease arising on revaluation previously recorded as a charge to the profit and loss statement, it may be credited to the profit and loss statement." AS 10, however, does not prescribe accounting treatment of reserve created on revaluation of fixed assets. The accounting treatment for the same has been recommended in the 'Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets'.
Price Rs. 10.00 (Pp 7) (1982)
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