• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

New! Lectures for ACCA AAA September 2022 Exams are now available >>

New! BPP Books for ACCA September 2022 Exams are now available, get your discount code >>

IFRS 5, NCA held for sale- REVALUATION SURPLUS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 5, NCA held for sale- REVALUATION SURPLUS

  • This topic has 4 replies, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • March 21, 2021 at 10:18 am #614870
    tinkle
    • Topics: 49
    • Replies: 42
    • ☆☆

    Hello, my doubt is related to example 1……
    Why did Sir Chris deduct the impairment loss from Revaluation surplus? (1500-300=1200) Impairment loss should go to P&L right? and not as an OCI reduction?

    Kindly clarify and explain where am I going wrong.

    March 23, 2021 at 3:08 am #615000
    tinkle
    • Topics: 49
    • Replies: 42
    • ☆☆

    Ohh, really disappointed that BPP says this is the contradiction between IAS 16 and IFRS 5 as the impairment loss goes to P&L

    March 23, 2021 at 9:59 am #615019
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2531
    • ☆☆☆☆☆

    Dear Tinkle

    I’ve done some more research and humbly apologise.

    The answer in the back of our notes is correct, but, having listened to the lecture and looked at the standard, BPP are correct.

    So:

    The revaluation goes to OCI
    The 300 goes to P&L

    As BPP say there is a conflict between IAS 16 and IFRS 5. The embarrassing thing is that I think I taught the BPP author many moons ago.

    I will get that bit of the lecture re-recorded

    Kind regards

    Steve

    March 24, 2021 at 10:46 am #615116
    tinkle
    • Topics: 49
    • Replies: 42
    • ☆☆

    Kindly don’t apologize Sir, We are already very grateful for the invaluable help and resources OT offers.

    And wow that’s so impressive that you’ve taught the BPP author!!

    Thanks a million for the clarification again.

    March 25, 2021 at 3:29 pm #615194
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2531
    • ☆☆☆☆☆

    My pleasure.

    🙂

  • Author
    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate

If you have benefited from OpenTuition please donate.

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • nojwwnolife on The nature and structure of organisations – ACCA Paper BT
  • John Moffat on Discounted Cash Flow Further Aspects, Lease versus Buy – ACCA Financial Management (FM)
  • ben920331 on Discounted Cash Flow Further Aspects, Lease versus Buy – ACCA Financial Management (FM)
  • John Moffat on The Statement of Financial Position and Income Statement (part d)
  • Viktoriia.Yanchuk on The Statement of Financial Position and Income Statement (part d)

Copyright © 2022 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy