AASB 116 Property, Plant and Equipment 39-42,Aus39.1-Aus40.2: Revaluation movements: credit increases to other comprehensive income and the revaluation surplus (through profit or loss only to reverse an earlier loss), charge decreases to profit or loss except against an existing surplus for that asset; not-for-profit entities account on a net class basis; surplus transfers to retained earnings bypass profit or loss

What does 39-42,Aus39.1-Aus40.2 require?

A revaluation increase is recognised in other comprehensive income and built up in equity as revaluation surplus, except that it goes to profit or loss to the extent it reverses a decrease on the same asset previously expensed. A revaluation decrease is expensed, except that it is taken to other comprehensive income, reducing the surplus, to the extent a credit balance exists in the surplus for that asset. Not-for-profit entities apply these rules to the net movement of each class rather than asset by asset, offsetting increases and decreases of individual assets within a class but never across classes. The surplus relating to an item may be moved straight to retained earnings when the item is derecognised, or progressively as it is used (the difference between depreciation on the revalued amount and on original cost); the transfer never passes through profit or loss. Tax effects of revaluations follow AASB 112.