alleryStart learning →A reversal of impairment loss on a non-revalued asset is recognised:
ADirectly in revaluation surplus
BAs a reduction of depreciation only
CIn the capital reserve account
DAs income in profit and loss at once
Answer & Solution
Correct answer: D. As income in profit and loss at once
Unless the asset is carried at a revalued amount, the reversal is income in the statement of profit and loss straight away.
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Related questions
An enterprise applying AS 17 discloses impairment losses by:A revalued asset's market value basis and negligible disposal costs mean the asset is:For a small and medium-sized company, value in use may be measured by:Impairment of deferred tax assets is dealt with under:Disclosing key assumptions is:If recoverable amount is value in use, a material loss disclosure includes:A class of assets under AS 28 means a grouping of assets of:AS 28 disclosures of impairment losses are required for each: