Double entry for recording impairment loss?

Question

What are the accounting entries to be posted in the case of an impairment loss?

Answer 1

Impairment loss is recognized immediately in P&L  (unless the asset is carried at revalued amount) Thus, entries would be:

Dr  Impairment losses a/c (P&L account)
Cr  Asset account a/c (Balance sheet account)

If the asset is carried at revalued amount, impairment loss is treated as a reduction in revaluation gain.

Dr  Revaluation surplus (B/S account)
Cr  Asset account a/c (B/S account)

Reference: IAS 36 - Impairment of Assets

Answer 2

It can be accounted for as follows in books:

DR-Impairment loss a/c (P&L account)
CR-Asset Account/Provision for impairment loss  a/c (Balance sheet account)

Comments

Yes its correct!

Answer 3

Dr - Impairment expense (P&L)
Cr - Asset  (B/S)

Answer 4

Dr - Impairment Charge (P&L Expense a/c)
Cr - Provision for Impairment losses (B/S)