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Course Code:ACC204
Published on: 09-09-2021

Introduction to Impairment of AssetsAn asset is said to be impaired when it has lower market price in comparison to its value recorded in the balance sheet of a business entity. The asset impairment is debited as a loss or expenditure during making the journal entry and is subjected to credit for the underlying asset. The net difference between the carrying value and the market value of an asset attributes to the impairment value (Alexander an...

Course Code:ACC204
Published on: 28-06-2021

Definition of Recoverable Amount in Impairment AccountingEvery company having assets in their balance sheet has to deal with concept of recoverable amount which has been determined using principles and concepts as laid in AASB 136/IAS 36 – Impairment of Assets.   According to Australian Accounting Standard Board 136 which deals with impairment of Assets, the recoverable amount for financial accounting implies the greater of market ...

Course Code:ACCT20073
Published on: 18-03-2021

IAS 16 Compliance for Carrying Value Determination1.The determination of carrying amount of Property, Plant and Equipment needs to be in compliance with IAS 16 which deals with Property, Plants and Equipment. As per the provisions which are stated in IAS 16.43, in case the business uses cost model, each part of the property, plant and equipment with a cost which is considered to be significant in relation to the total cost of the asset must be...

Course Code:ACC204
Published on: 29-01-2021

Concept of Impairment of AssetsIn order to keep the value of the assets up to date in the books, they are checked for impairment. Impairment refers to the state when the recoverable amount of the asset falls below the carrying amount. The difference between the carrying amount and recoverable amount is the impairment loss (Alvarez, 2013). The set of smallest group of assets, which are used by the enterprise to generate cash flows are ref...

Course Code:MP212
Published on: 17-01-2021

BackgroundImpairment of assets is a substantial accounting reconciliation as it is an important part of a company to identify the true recoverable value of the assets and liabilities recorded in the financial statement of company. According to AASB 136, Impairment of Assets, impairment means falling down in the value of assets whether indefinite or irrevocable of fixed assets including both tangible and non-tangible assets. It occurs due to th...

Course Code:ACC204
Published on: 15-01-2021

Expectations from StudentsAccording to one basic principle of impairment, one cannot introduce a specific asset above its recoverable value in balance sheet and it is considered as the higher of the fair value of the asset less value-in-use and selling cost. In case the former exceeds the latter, the companies are needed to consider the impairment and it is needed to make the comparison between recoverable value and carrying value. At the time...

Course Code:ACC204
Published on: 02-11-2020

Introduction to Impairment of Assets The accounting standard 28 and IAS 36 should be applied for the impairment of all assets excluding impairment of inventory, financial assets, deferred tax assets, construction contract, agricultural assets, and non-current assets being held for sale. Impairment means permanent decline in the value of assets, which means the carrying amount of an assets exceeds its recoverable amount (Carlin, 2011)...

Course Code:ACC204
Published on: 18-08-2020

Definition of ImpairmentThe decline in net carrying amount of the asset is above the generation of future unrevealed cash flows. The net carrying value could be obtained by deducting depreciation from the cost of asset acquisition. Impairment occurs when a firm sells or abandons its asset due to fall in its ability to fetch benefits. Thus, it is not needed to realise the impairment loss as loss in the profit and loss account of the firm. For...

Course Code:ACG 3101
Published on: 13-02-2020

BackgroundThe current paper has been prepared for the purpose of recognising any noteworthy accounting problems that requires to be examined with regards to Myer Holdings Limited. The company is a high-end chain store in Australia trading with varied commodities such as- outfit, accessories, footwear, home ware, fragrance, books, stationery, food and other grocery products (Myer 2018). The study would focus on discovering the proofs that imp...

Course Code:MP212
Published on: 27-11-2019

What is Impairment of Asset?Impairment of asset is a major accounting adjustment. As per the AASB 136, Impairment of Assets, impairment refers to the permanent or the irreversible brought down of the value of the fixed or the tangible assets and intangible assets. Impairment happens when the carrying value of the asset is maintained at a higher level in relation to its recoverable value. This means that the asset of sold shall fetch a value wh...

Published on: 11-07-2019

Scope of AASB 136 for Impairment of AssetsDiscuss about the issue of impairment of assets of any Australian Company through the set guideline of Australian Accounting Standard136. This report is to be made for Dawson Ltd, a public company for the board of directors to ensure proper guidance regarding asset valuation and fund raising issues. The basic guidance will be provided by the accounting standard set by Australian Accounting Stand...

Published on: 04-06-2019

Indicators of impairmentDiscuss about the Impairment Loss on Cash Generating Unit for Interest Rates. An entity must assess the indicators of impairment, if any, on each reporting rate. The information that indicates the chances of impairment could be collected from both internal as well as external sources. The external source of information that indicates impairment possibility can be market interest rates, lowering of market capi...

Published on: 27-05-2019

Background and Objective of AASB 136Analyse the financial statements regarding to the impairment of assets. This standard was made by Australian Accounting Standard Board under section 334 of Corporation Act 2001 on 15th July 2004. The objective of this standard is to deal with the procedures used by an organization to ensure that assets are recorded at their recoverable amount only. This standard prescribes that in case the carrying am...

Published on: 18-04-2019

Impairment of Assets: Policies Adopted and Challenges Faced by Reliance Worldwide Corporation Limited Discuss about the Disclosures Required In Financial Reporting- Impairment Disclosure And Analysis As Per AASB 136. As the title suggest the report revolves around the impairment of assets. Each company operating across the globe is involved in increment of its Assets base. Higher asset base of any company shows its strong nature of working in t...

Published on: 18-04-2019

Asset Impairment Analysis of Ansell Limited Discuss about the Analysis Of Issues in The Impairment Testing. For each and every company, the main regulator is the assets of the company. With the effective and efficient utilization of the assets, the company can have the better results in terms of profit as well as in terms of the reputation which in turn will affect the decision of the users of the financial statements of the company. For reflec...

Published on: 14-03-2019

Assets meant for impairment in the companyDiscuss about the Financial Executives and Research Foundation. Ausenco is an engineering company that was founded in Brisbane, Australia in the year 1991 by the current CEO and managing director Zimi Meka and Bob Thorpe one of the board members in the company. It was listed in the year 2006 in the Australian stock exchange, ASX. It has multiple subsidiaries which are working also in both South ...

Published on: 18-02-2019

Testing Procedure for Impairment of Assets Discuss About The Recognition Of Accounting Disclosure Market? Cardino Limited Company has been given for the purpose of the study. The company is listed in the Australian Stock Exchange and deals in the information system, remote sensing and other related areas. For the purpose of the detailed discussion and the analysis the annual report of the company for the financial year ending 30th of June of th...

Published on: 28-01-2019

Company OverviewQuestion:Discuss About The Global Financial Other Firm Characteristics? The report will be analyzing the annual reports of Downer EDI limited and will also be analyzing whether the company has charged any impairments on the assets of the company. The report will be analyzing and identifying the assets on which impairments has been charged. Downer Group is a company engaged in providing infrastructure and building services for p...

Course Code:BAO2203
Published on: 11-12-2018

Discuss About The Financial Environment Business Development? Both IAS 36 and As 28 deals with the accounting for impairment of assets. As per this, all the tangible and intangible assets needs to be analysed and assessed at regular intervals for permanent write down in the value of the assets in case the indicators of impairment so exists. These factors can be categorised as internal or external factors. The ultimate idea behind the IA...

Published on: 26-11-2018

Impairment of Assets and IAS 36Question:Discuss About The Recognition Measurement Of Impairment? The word impairment in accounting means a permanent decline in the value of certain asset of a company or a business organization. The decline in the price of an asset is a quite normal feature but is a matter of distress for the management of the organization. The valuation of asset is done on periodical basis and it is usually compared with the pr...

Published on: 31-10-2018

Basic principle behind impairmentQuestion:Discuss About The Statements Over Above Recoverable Amount? The basic principle behind impairment is the fact that the asset would never be reported in the financial statements over and above the recoverable amount. This is the higher of the fair value of the asset less the costs to sell and its value which is in use. The carrying value of the asset would be compared in with the amount that would be rec...

Published on: 25-04-2018

Main purpose of Impairment testing of AssetsDiscuss about the Corporate Accounting and Impairment of Assets. This report is made for Longreach Ltd management to give them an idea about the implementation of impairment test of assets. The company has decided to undergo a practice of impairment testing of their assets as per the Australian Accounting Standard Board standard no 136 on 30the June 2014. As thy are new applicant of this stand...

Published on: 21-12-2017

Applicable assets under IAS 36Discuss about the Impairment of Assets. The concept of impairment is concerned with a permanent decline in the value of the asset. This is the situation wherein the cash flows that are being generated from an asset or the benefits that are generated from an asset would reduce. This is determined through a very specific periodic assessment of time. In case, there is an impairment of assets, then the dif...

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