If an impairment loss recognised in prior periods for a revalued asset no longer exists,AASB 136 "Impairment of Assets" requires a reporting entity to:
A) reverse the impairment loss in asset revaluation reserve.
B) reverse the impairment loss in profit and loss, only if the asset adopts the revaluation model.
C) treat this as a prior period adjustment and recognise the reversal as a gain.
D) ignore this information as previously written off assets are precluded from being reinstated.
E) None of the given answers

Question

Quizplus · Accepted Answer

AASB 136 requires the reversal of impairment losses in asset revaluation reserve if the impairment loss recognized in prior periods for a revalued asset no longer exists.

If an Impairment Loss Recognised in Prior Periods for a Revalued