ACCOUNTING FOR IMPAIRMENT OF ASSETS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
Abstract
The value of assets is subject to changes annually, so, for each reporting date, a new book value is determined based on fixed assets, which results from the initial cost adjusted for depreciation and possible impairment losses. The difficulty in determining the new book value of fixed assets arises from the determination of whether there is a possible impairment of the asset. An entity should track annually whether there is an impairment, whether a real decrease in value has occurred, how it will affect the financial statements, and what the outcome of management decisions will be. The article discusses the concept of "impairment" and the methods of depreciation of various assets.Downloads
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