Assuming that you are the accountant of the company, Fraser and Neave. While pursuing the closing of the accountants of the company, you noted that a professional valuer has revalued the buildings of the company. The valuer has concluded that the buildings have increased in value by 10% of the carrying amount at the end of the financial year. The company has yet to account for this increase and has decided to revalue the building to take into account of the increase in value.

Explain how the company is to record the transaction in the financial statements and prepare the relevant journal entries. You are also required to prepare the REVISED Notes to financial statements for the Property of Fraser and Neave by incorporating the facts above, including the necessary disclosure under the SFRS(I) 1-16.

Show workings clearly and use GROUP figures for calculations.