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Have a problem with the rule on impairment reversal – as far as I know you shouldn’t revalue above the value of the asset that it would have if never impaired right? What about revaluing to higher RA? Question 44 e) from BPP exam kit – why do they revalue to 105, shouldn’t they only revalue to 84?
Thanks for suggestions
hmm, under revaluation model, revaluing above the value of asset would be permissible right? as far as i know, we are not allowed to revalue above the value of the asset under cost model.