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Impairment is “a reduction in the recoverable amount of an asset or cash generating unit below its carrying amount”
Can anyone explain in what ways this is different to a fair value revaluation of an asset?
I would suggest that one way in which it is different is impairment exists if is that the recoverable amount is determined as being the higher of value in use or fair value less costs to sell. If this recoverable amount is less than the carrying amount it is impaired. In other ways the process is indeed very similar in terms of accounting treatment. With revaluation the whole class of similar assets would also have to be re-valued which would not necessarily be the case with impairment.
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