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