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reversal of impairment

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › reversal of impairment

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • Author
    Posts
  • November 22, 2021 at 11:15 am #641302
    sguha
    Member
    • Topics: 59
    • Replies: 41
    • ☆☆

    example
    if impairment loss occur on a revalued asset, first we charge it against revaluation reserve through oci , and excess is taken as loss to st. of p/l,

    will we reverse in same order if situation comes to reverse the impairment, first reversing the loss taken to st. of p/l and any excess will be taken to OCI as rev gain,

    though reversal of impairment is limited to the historical depreciated cost of the asset(in case impairment wudn’t have been charged)

    am i right with the accounting treatment of reversal

    November 27, 2021 at 7:39 am #641744
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6453
    • ☆☆☆☆☆

    Hi,

    Yes, the reversal looks to reverse out the losses from where they have previously been charged.

    Thanks

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