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Hello
In a situation where a PPE item was depreciated and then there was an impairment of $100, the double entry would be dr exp cr asset.
If however the asset was revalued again and there was an increase of $140, the double entry be dr asset but a cr to what?…OCI or RE?Hi,
Any revaluation increase goes to OCI, unless the increase reverses any previous impairment. If the impairment was taken through profit or loss then the increase is firstly recognised against the decrease shown previously through profit or loss with any excess taken through OCI.
Thanks
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