Can impairment loss be reversed next quarter if the internal and external indicators are in favour. Standard says impairment testing has to be done at least annually.
So if in Q3 we booked an impairment loss due to worse indicators, is it capable if getting reversed in Q4
Please advise.
Loss should be immediately recognised in P&L
and in case if there is increase in value of assets.. then credit P&L upto the original carrying value of the asset.. and excess of it shall be credit against revaluation reserve
CAclubindia
