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Forensic Accounting

How to recognize a reversal of a debtor impairment?

How to recognize a reversal of a debtor impairment? What should be the entries in this regard?

asked Mar 6, 2013 in IAS 36 - Impairment of Assets by anonymous
retagged Apr 23, 2013 by Mysio

1 Answer

–1 vote
You should have recognized the impairment loss in the income statement and in the balance sheet as follows:

Dr Impairment loss (income statement)
  Cr Asset (Balance sheet)

Now you have to reverse the provision & recognize an income

Dr Asset (Balance sheet)
  Cr Other income (income statement)

Hope it is clear to you now
answered Mar 6, 2013 by anonymous
edited Dec 14, 2013 by Mysio