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Hello
After an asset has been classified for sale, does the impairment go to profit and loss OR 2. does it go to profit and loss only after the revaluation amount in OCI has been used?
Also, what about if the asset value is increased? How is that treated?
Hi,
The impairment follows the usual imapirment rules, so profit or loss if no previous upwards revaluation or other comprehensive income if there has been an upwards revaluation.
If the asset is revalued upwards on classification, the same rules as an upwards revaluation apply, thus taking the gain to other comprehensive income.
Thanks
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