You are the financial controller of BYD Ltd which is listed firm and a parent entity that prepares consolidated financial statements in accordance with Australian Accounting Standard Board (AASB) / International Financial Reporting Standards (IFRS). You have recently prepared the draft financial statements for the year ended 30 June 2023 which are due to be published shortly. The Chief Executive Officer (CEO) has reviewed the draft consolidated financial. None of the subsidiaries are listed entities but all prepare their financial statements in accordance with AASB / IFRS. The CEO has the following questions arising out of the review:

I noticed that an amount of $56 million is included in the other comprehensive income (OCI) as a gain relating to the revaluation of our portfolio of properties. I looked in the notes to check that a corresponding amount of $56 million had been added to property, plant, and equipment. However, the note explaining movements in property, plant and equipment showed a revaluation increase of $80 million. There was a reference to tax in one of the notes, but I dont see why this is relevant.

I know our rate of tax is 30% and this would explain the difference, but we wont pay any tax on this gain unless we sell the properties. We have no intention of selling any of them in the foreseeable future, so what relevance does tax have in this context?

Please explain the difference between the $56 million gain in OCI and the $80 million revaluation increment added to property, plant and equipment.

Required: Provide answer to the above question asked by the CEO. Your answer should refer to relevant provisions of AASB.