Hello everyone.
I need more explanations on the treatment of Revaluation reserves on asset that earlier suffered an impairment loss in the previous years.
I understand that when an asset produced Revaluation reserve earlier and later suffered an impairment loss, the component of such impairment loss will be reversed from the Revaluation reserves and treat the balance, if any, as expenses for the period.
I will like to know whether the same is applicable when you earlier had impairment loss and later, Revaluation surplus.
Thank you.
Reversal of Impairment Loss
Re: Reversal of Impairment Loss
what kind of assets do you have in mind? PP&E? if so, see here:
https://ifrscommunity.com/knowledge-bas ... le-assets/
https://ifrscommunity.com/knowledge-bas ... le-assets/