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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
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)
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