Asset revaluation - IFRS

Is there any conceptual difference between an asset revaluation that reduces the value of the fixed asset and an asset impairment. They seem like the same thing to me.

Revaluation could be upwards and downwards and it is based on Fair Value reporting, which isn’t allowed in USGAAP. Impairment on the other hand occurs when the carrying amount is > the recoverable amount or the market (in case of US. GAAP). It is not necessary that Fair value and recoverable amount are same as in IFRS recoverable amount is either Fair value - cost to sell or value in use which is discounted expected future cash flows.