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IMPAIRMENT OF ASSETS IN BUSINESS
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[QUOTE="Yakub02, post: 309454, member: 94426"] An asset is said to be impaired when it carrying amount in the statement of financial position is above the recoverable of the asset or its cash generating unit. From time to time an asset may have a carrying value that is greater than its fair value but this is not necessarily impairment as the situation might change in the future. Impairment means that the asset has suffered a permanent loss in value. The objective of IAS 36 Impairment of assets is to ensure that assets are ‘carried’ (valued) in the financial statements at no more than their recoverable amount. Scope of IAS 36 IAS 36 applies to all assets, with the following exceptions that are covered by other accounting standards : inventories (IAS 2); deferred tax assets (IAS 12); financial assets (IFRS 9); investment property held at fair value (IAS 40); non-current assets classified as held for sale (IFRS 5). The recoverable amount of an asset is defined as the higher of its fair value minus costs of disposal, and its value in use. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Value in use is the present value of future cash flows from using an asset, including its eventual disposal. Impairment loss is the amount by which the carrying amount of an asset (or a cash-generating unit) exceeds its recoverable amount. [/QUOTE]
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