Question: Y Co adopts IFRS for the first time for its financial statements for the year ended 31 December 20X5. The opening values of assets and

Y Co adopts IFRS for the first time for its financial statements for the year ended 31 December 20X5. The opening values of assets and liabilities (1 January 20X4) under IFRS have increased by a net value of $10 million. This amount will be

Credited to the statement of profit or loss in the year ended 31 December 20X5.

Credited to retained earnings or equity at 1 January 20X4

Credited to the statement of profit or loss in the comparative period (the year ended 31 December 20X4).

Credited to a revaluation surplus at 31 December 20X5

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