Impairment: Difference between revisions
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A reduction in the recoverable amount of a fixed asset or goodwill below its carrying amount. | 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. | Relevant accounting standards include IAS 36 and Section 27 of FRS 102. | ||
Revision as of 18:28, 24 July 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.
