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Assets are impaired. assets are revalued.
I cannot remember an occasion (but that’s probably an indication of my memory rather than anything else) where we had an impairment reversal followed by an upwards revaluation. But I can’t see why that couldn’t happen
Hi Me. Mike,
in no. 4 of the adjustments, they made a loan to a charitable org. of $50.00. Am I right in assuming that this was an interest free loan because the $50.00 was brought to its present value and then that figure was used to start amortising?If it is an interest free loan, are all loans to charities interest free?
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