How do we account for the final $10,000 on the revaluation of assets. Only $25,000 has been accounted for by removing it from the revaluation surplus. I thought that the balance should be removed from income
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Course Notes...Chapter 3..Example 1
Hi
An impairment due merely to general price changes is not accounted for except in so far as the affected asset has previously been revalued upwards. It's in IAS 16 (PPE)
Thanks a lot...I get it now
You're welcome
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