impairment loss reversal / revaluation of long lived asset

Can someone please explain to me the difference between an impairment loss reversal and revaluation of an asset?

Revaluation of asset (IFRS only) can be recognized through OCI with deferred taxes forming at the same time since there is likely to be temporary difference between reporting and taxable asset value. First revaluation entry may be only positive revaluation since negative balance revaluation reserve account (a revaluation surplus account in OCI) is not permitted.

An impairment loss is an asset correction entry recognized through P/L (thus there is no deferred tax position). It is permitted under IFRS and USGAAP. Although, IFRS permitt subsequent impairment recovery (while USGAAP not) with limit to beginning asset value, an initial impairment entry may be only negative correction in asset value.

An impairment tests and entries may be applied on inventories as well as on LT assets under both standards, while revaluation may be applied on LT assets (PPE, investment in real assets, etc) under IFRS only.

Is Revaluation permitted for GAAP long-lived asset held-for-sale? Or is Impairment Loss reversal permitted for GAAP long-lived asset held-for-sale?

My notes are confusing me, I think I may have mixed a few things up!

so impairment, asset, inventory in general, all impact Nei income right? but not operating income , like EBIT?

This is what I understand:

Impairment is permanent loss of Carrying Value. Revaluation is subject to subsequent revaluations. Revalutaion can be upward correction whereas impairment is only downward. When it is upward (increase), first recognise revaluation surplus in equity (through OCI). When it is downward (decrease), first recognise in P/L statement. If any subsequent reversals to this revaluation, it reduces the amount originally recognised and then may/maynot flow to the Equity or P/L depending on whther the correction is more than the original recognition.

And regarding your next question, for Held-for-sale, yes it is permitted… (but only via OCI in case of US GAAP)

so there is never a case when an impairment loss is reversed?

It is in EBIT but not in EBITDA since it is also non cash charge.

Correct. Impairments may be reversed upon IFRS but to limit of beginning (purchasing) value.

Well, the purpose of revaluation (again IFRS only) is to exactly pump up the equity (firm value) so you revalute an asset under the assumption as you plan an asset sell and you have market price regardless you are not selling this asset.

So asset has to be ravaluated on fair value (selling market price - cost of selling). IFRS also prescibe the revalutaion of all assets with same characteristics in BS, not only one (eg. if you plan to revaluate a company real estate and there are few of them, you have to revalute them all). IFRS also prescribe subsequent measuring upon fair value at least on each end of period balalnce date so you may have negative revaluation in the future if fair (market) value decreases. If you book negative revaluation, a (positive) balanced revaluation reserve account (OCI) must exists which exactly means that you cannot make negative revalutaion unles you made a postive in prior period.