I need help with my accounting question please answer the following question,from the IFRS...

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I need help with my accounting question please answer the following question,
from the IFRS perspective, what is the difference between revaluation of assets (as governed by IAS 16) and impairment of assets (as governed by IAS 36). Please, take into account managerial as well as accounting implications.

David · Accepted Answer

IAS 16: Property, Plant and Equipment 
IAS 16 which includes IFRS with an effective date after 1st January 2012 signifies that as per 
the REVALUATION MODEL after any asset is recognized, the value at which it should be 
carried shall be the fair value at the date of such revaluation, if it can be measured reliably, 
less accumulated depreciation less any impairment loss. Such revaluations are made on 
regular intervals so that the carrying amount at the end of reporting period is almost at the 
fair value at that time. 
If the carrying amount of any asset increases due to such revaluation then the difference is 
recognised as income and is accumulated as reserves.

I need help with my accounting question please answer the following question, from the IFRS perspective, what is the difference between revaluation of assets (as governed by IAS 16) and impairment of...

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