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Dear Mr Little,
Could you please tell me if in case of asset classified as held for sale, immediately before the reclass does it have to be revalued in all cases, or only if the entity’s policy prescribes it for the pool of the asset?
Thank you in advance!
So far as I’m aware, it needs to be revalued to fair value if there is an impairment. If no impairment, then leave at carrying value and recognise any profit on the sale of the item
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Thank you very much, I think I get it now.
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