Asset Revaluation Assignment | Top Universities
Under AASB 116, when an asset is revalued and the net method is used, accumulated depreciation: must be written back to profit. must be closed off to the equity account. should be eliminated against the gross carrying amount of the asset before revaluation should be increased by the same proportion as the gross carrying amount of the asset so that the carrying amount of the asset after Reva equals the revalued amount. Get Accounting Homework Help Today.