Oil & Gas
Impairment Reversal — Proved Reserves Upgrade
Reversing part of a prior impairment charge following a significant reserve upgrade.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Oil & Gas Properties (Restored) | Asset (+) | 40,000,000.00 | - |
| Impairment Reversal Income | Revenue (+) | - | 40,000,000.00 |
💡 Accountant's Note
Under IAS 36, impairment reversals are permitted when the recoverable amount subsequently increases. The reversal cannot exceed the original impairment amount. This is triggered by reserve upgrades, higher oil prices, or improved development plans.
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