Question
As per the accounting standards, the impairment loss on
a revalued asset is recognised in _______Solution
An impairment loss on a non-revalued asset is recognised in profit or loss. However, an impairment loss on a revalued asset is recognised in other comprehensive income to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same asset. Such an impairment loss on a revalued asset reduces the revaluation surplus for that asset (AS 36).
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A protection against financial losses in the future is called:
What is the purpose of ethical standards?
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Money received against share warrant is shown under which head?
