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| A company has a parcel of land to be used for a future production facility. The company applies the revaluation model under IFRS to this class of assets. In year 1, the company acquired the land for $100,000. At the end of year 1, the carrying amount was reduced to $90,000, which represented the fair value at that date. At the end of year 2, the land was revalued, and the fair value increased to $105,000. How should the company account for the year 2 change in fair value? A. By recognizing $10,000 in other comprehensive income. B. By recognizing $15,000 in other comprehensive income. C. By recognizing $15,000 in profit or loss. D. By recognizing $10,000 in profit or loss and $5,000 in other comprehensive income. |
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