Asset Revaluation Journals

Hi,

     when undertaking Revaluations in Australia there is a requirement in the accounting standards that I am trying to figure out how to satisfy.

It basically outlines that when an asset is revalued upwards the change in valuation is posted to an Asset Revaluation account. If the asset is subsequently revalued downwards the change is first offset against the original Asset Revaluation account - and once this has been reduced to $0 any additional revaluation amount must be recognised as an expense in the GL. Similarly, if the first revaluation is downwards then the amount must be recognised as an expense in the GL.