Year End Impairment and Revaluation (Revarsals)

Summary: Every Year business receives a memo from department that instructs them to change the cost of the asset with X% (this can be upwards or downwards). In case of downwards or negative cost they perform Impairments on these assets & revaluations in other case.

What they want is suppose they have entered Impairment in 1st year, and revaluation in 2nd year then Impairment reserve should be reversed first before then remaining increase should be charged in revaluation reserve.

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