Downward Revaluation
Revaluation does not mean only an upward revision in the book values of the asset. It can also mean a downward revision (also called impairment) in the book values of the assets. However, any downward revision in the book values of the assets is immediately written off to the Profit & Loss account.
Read more about this topic: Revaluation Of Fixed Assets
Famous quotes containing the word downward:
“But what she meets and what she fears
Are less than are the downward years,
Drawn slowly to the foamless weirs
Of age, were she to lose him.”
—Edwin Arlington Robinson (1869–1935)