Revaluation Reserve & Impairment of Asset

AS 28.57,58 answers this. 

57. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset should be reduced to its recoverable amount. That reduction is an impairment loss.

58. An impairment loss should be recognised as an expense in the statement of profit and loss immediately, unless the asset is carried at revalued amount in accordance with another Accounting Standard (see Accounting Standard (AS) 10, Accounting for Fixed Assets), in which case any impairment loss of a revalued asset should be treated as a revaluation decrease under that Accounting Standard

Sry for not being clear as I got carried away with the principles. To answer your question, you can’t setoff with asset b’s revaluation reserve.

Eg

Impairment loss= 500

revaluatiin reserve= 1000

then you can 1000-500

if impairment loss= 1000

revaluation reserve= 500 then 

500-500 and the balance 500 impairment must be taken to profit and loss to get tax benefit as the revaluation reserve did not cover the whole loss.

this can be done on revaluation reserve of asset A contact only. 

To narrow this, it’s mentioned under, INDIVIDUAL ASSET IMPAIRMENT or AN ASSET IMPAIRMENT. if its cgu  impairment, procedure is different. 

I meant that only. Yes. Sry my iPad is broke and I spend time on it because it’s already broke. That’s why the contact word showed up. :)