Alpha LLC, in its accounting policy under IFRS for real estate, has provided for a subsequent revaluation method and has established a revaluation frequency for office buildings once every three years.

In January 20X0, Alpha acquired a new office for $900,000,000. The useful life for the purposes of IFRS is 20 years. The Company uses a straight-line depreciation method.

In September 20X2, Alpha hired professional appraisers. The fair value of this premises was $930,000,000.

In January 20X3, for the revaluation, the company used the results of the revaluation carried out in September 20X2 due to the absence of significant fluctuations in office property prices. Required:

You need to prepare a calculations along with journal entries for the year-end December 31, 20X3:

Describe the treatment of revaluation charges in IFRS/IAS and their presentation in the financial statements;

Calculate the amounts of revaluation and accumulated depreciation in accordance with IFRS/IAS;

Provide journal entries.