Revaluation reserve?

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C.A. Dhara

C.A. Dhara (Querist)
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30 June 2010 What will be the treat ment of revaluation reserve on land?

when revaluation reserve can be write off?

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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30 June 2010 ARR ( Asset Revaluation Reserve cannot bd uilised for issue of bonus shares or distribution by way of Dividend to Sharerholders or setting off of Debit Balance of P & L Account. SAt best it may be used for providing depreciation on the enhanced value of Asset consequent upon upward revaluaion. kindly refer to Guyidancd note on Treat ment of reserve created on Revaluation of Fixed Assets issued bvy ICAI GN(A) 3 ( 1982)- Page No. 10 of Compendium of Guidance Notes as on July 1 2006).

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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30 June 2010 if decrease in value of assets then deficit should be charge first from revaluation reserve and then p&l a/c if any.

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