ans

ABC Pvt Ltd acquired a property on 1 January 2018 at a cost of Rs. 28m and commenced depreciation over a 50 year useful time from this date. The company applied the LKAS 16 revaluation model for the subsequent accounting of the property, and revalued it for the first time to Rs: 29,904,000 at 31 December 2019, continuing to depreciate it over the original term. During 2020 there was a commercial property crash, and as a result the recoverable amount of the property fell to Rs: 25.9 m at 31 December 2020. ABC Pvt Ltd do not make an annual reserves transfer in respect of revalued property The total impairmentloss as at 31 December 2020 can be recognized as, 1 From that an amount of can be recognized in other comprehensive income to reduce the previously recognized revaluation surplus to nil. And can be recognized in profit or loss