Apply Note 1933881.
This resolved the issue.
Regardless of the note, the issue could have been resolved had I reviewed all configurations. In this case the cost element was not included in the PA transfer structure.
So, the moral of the story is, if a revaluation of consumption does not post, consider all the configuration issues, plus the master data issues such as the setup of the GL account, cost element, cost element group, OBYC, OKB9, allocation structure, transfer structure, cost component structure, etc.
ABAP debugging skill would also have given me the clue. We, functional guys, s**k at debugging. Time to learn a new skill ...
Cheers,
TD