Impairment is determined by comparing CARRYING VALUE of the asset with it’s RECOVERABLE AMOUNT. It will be higher of Fair Value less Cost of Disposal and its Value in Use. Impairment rules apply to both Tangible and Intangible Assets. Scope and Applicability: It applies to all tangible, intangible and financial assets except- Inventories (IAS 2) […]
IAS 16 Property, Plant and Equipment (PPE) covers the aspects of accounting for property, plant and equipment and represents the list of items falls into Tangible Non-Current Assets.
Vishal Gupta The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has currently 22 Trustees […]
