Impairment: Difference between revisions
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imported>Doug Williamson (Update for FRS 102) |
imported>Doug Williamson (Link with IAS 36.) |
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Relevant accounting standards include Section 27 of FRS 102. | Relevant accounting standards include IAS 36 and Section 27 of FRS 102. | ||
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* [[FRS 102]] | * [[FRS 102]] | ||
* [[Goodwill]] | * [[Goodwill]] | ||
* [[IAS 36]] | |||
Revision as of 21:33, 26 March 2016
1.
Financial reporting.
A reduction in the recoverable amount of a fixed asset or goodwill below its carrying amount.
Relevant accounting standards include IAS 36 and Section 27 of FRS 102.
2.
The related accounting adjustment required to reduce the carrying amount of the asset in the balance sheet - to the new lower recoverable amount - and to recognise an impairment loss.
3.
More generally, any weakening, damage or reduction in value.
