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A matter of semantics … and not desperately important
Here’s an extract from the IASPLUS webpage on IAS 16:
“Measurement subsequent to initial recognition
IAS 16 permits two accounting models:
Cost model …
Revaluation model – the asset is carried at a revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment, provided that fair value can be measured reliably”
It looks to me that a revaluation loss is synonymous with impairment where an asset is carried under the revaluation model
OK?
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