Accumulated Asset impairment and Asset impairment Expense accounts

The IFRS International Financial Reporting Standards requires companies to review and make entries to impaired assets. this becomes necessary if the carrying amount of the asset is higher than the recoverable amount.
I am therefore suggesting a non-current asset impairment expense account and accumulated impairment account just like that of depreciation. this will help users of manager present very professional financial statement.
when the asset regains it lost value the accumulated impairment account is debited and the non current asset impairment expense account is credited to reverse the entry, if the assets recovery value due to some event is higher that the initial amount written off, the excess is entered as revaluation (increase) to the asset itself.

please read below for more info. it just like depreciation but different context.
All of them (depreciation and non current asset impairement accounts) must net off fixed asset.

I’m not as familiar with the IFRS as you are, @Abeiku. But conceptually, it seems to me that you might already be able to do what you’re requesting. Could you create standard accounts for impairment expense and revaluation to pair with transactions in the subaccounts of Fixed Assets? Because one half of the double entry would be tied back to the specific asset, you wouldn’t need to have subaccounts in the impairment-related accounts.

The down side would be that the impairment-related accounts would be lumped. But they would still be traceable to the individual assets through the transaction record.

I’m curious if you think that would work.

I understand exactly what you mean but firstly the Revaluation account I mention is an equity account. Whenever an assets value increases due to any event the asset is debited and the revaluation account credited.

Let say an asset’s book value is 1000 but it obsolete and will sell for only 200. The asset impaired and must be written down to 200.

DR Asset impairment Expense account 800
CR Accumulated asset impairment account 800

Now let say something happens in the commercial world and now the asset’s fair value has increased by 900

DR Accumulated impairment account 800
DR Asset 100
CR Asset impairment expense account 800
CR Revaluation Account 100

Thus impairment has been reversed and the gain of 100 recognised in equity and the Asset.

Others may choose to credit the Asset and debit an impairment expense account. During reversal they debit the asset and credit the expense account to reverse it. If the asset increases more than it was written off the amount of increase is recognised in equity by crediting Revaluation Account. Just like the above example.
But accumulated impairment account which I am suggesting will make the ‘Fixed Asset Summary’ report more professional.

I understand the principles, @Abeiku. What I was getting at was that it seems you can accomplish this by using standard Manager accounts, whether expense, revenue, or asset type. I don’t think you need special programming changes to do this, because only Fixed Assets needs to be a control account with subaccounts.

That said, I also have no experience with impairment accounts, so I could be misunderstanding some of the details in the workflow. Give some thought to whether you can accomplish what you want within the present framework.