Gain From Revaluation Surplus-Bu Revaluation Revenue-Building 4- According to IAS 16, a decrease in the carrying amount of an asset's first revaluation should be recorded as: an expense on the income statement. a prior period adjustment to retained earnings a credit to Revaluation Surplus. a debit to Revaluation Surplus.. . 5- As defined by IAS 38, how are intangible assets unlike other assets? They must have arisen from past events. Their value cannot be reasonably measured. They must be controlled by enterprises. They are nonmonetary and lack physical substance