Reversal Of Prior Asset Impairments Not Allowed (Doc ID 1301792.1)

Last updated on NOVEMBER 28, 2016

Applies to:

Oracle Assets - Version 12.1.1 and later
Information in this document applies to any platform.

Symptoms

The System does not allow the reversal of prior asset impairments.

STEPS
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The issue can be reproduced at will with the following steps:
1)  Add an asset
2)  Perform impairment with some amount
3)  Run depreciation and close period
4)  In the next period, attempt to reverse the impairment

BUSINESS IMPACT
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The issue has the following business impact:
Due to this issue, users cannot reverse the Prior Impairments as per the Requirements in IAS 36
- Reversal of an impairment loss should be recognized as income (IAS 36.119)
- Increased carrying amount should be no greater than what the depreciated
historic cost would have been had there been no impairment. (IAS 36.117)

Cause

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