Laiterie Morvelle holds a milk production quota acquired for 300,000 on 1 January 20X1. The quota, whose useful life is indefinite, is not amortised; it is measured under the revaluation model by reference to an active market. Its fair value is 270,000 at 31 December 20X1, then 320,000 at 31 December 20X2. Ignore deferred tax effects. Calculate, for 20X2, the portion of the increase recognised in profit or loss and the portion recognised in other comprehensive income.
- Acquisition cost of the quota
- 300,000
- Fair value at 31 December 20X1
- 270,000
- Fair value at 31 December 20X2
- 320,000