If an Impairment Loss Recognised in Prior Periods for a Revalued

Multiple Choice

If an impairment loss recognised in prior periods for a revalued asset no longer exists,AASB 136 "Impairment of Assets" requires a reporting entity to:

A) reverse the impairment loss in asset revaluation reserve.
B) reverse the impairment loss in profit and loss, only if the asset adopts the revaluation model.
C) treat this as a prior period adjustment and recognise the reversal as a gain.
D) ignore this information as previously written off assets are precluded from being reinstated.
E) None of the given answers