CMG Exporting Ltd revalued a tangible non-current asset from net book value 1m (cost 2m, deprecia- tion 1m) to 2.5m on 31 December 2009. The asset's remaining useful life is ten years from the date of revaluation. It is company policy to make reserve transfers annually in respect of the difference between the depreciation charge on revalued and historical cost amounts. Owing to a downturn in economic con- ditions, the asset suffered an impairment loss of 1.15m at 31 December 2012.