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Respected Sir ;
I just Went To Syallabus Update For F7 .
There Is A Addition Basically Reversal Of Imp. loss…
I went Through OT Notes – Found Only A Few Theory Sections On It..There Are No Practice Questions ..
Is The Lecture Updated For This Content ??
Or is The Theory Enough ??
Do You Think ACCA will Publish A Technical Article On This Behalf ????
We need To Go Surfacely Or In Depth For This Topic ..
Like Wise – My Friend Told – Reversal Of Impairment Loss For Goodwill Is Prohibited .Is This A Part Of Our Syallabus ??Thank You…
It IS covered in lectures, including the extremely rare possibility that we could have a reversal of goodwill impairment
When faced with a reversal of an impairment, the reversal entries are exactly the same (in reverse) of the entries that you put through for the impairment
If the impairment had been written off against a previous revaluation surplus of the same asset, the reversal of the impairment will be credited to the revaluation reserve
If the impairment had been written off against profit or loss, the reversal will be credited to profit or loss
That should be enough for you at F7 (it goes a bit deeper in P2)
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