review for impairment of assets

review for impairment of assets

Describe circumstances that may indicate that a company’s assets may have become impaired.

Define the impairment loss  

When should companies carry out a review for impairment of assets?

IAS 37

Define the following terms relating to IAS 37.

(a) Contingent assets

(b) Liability

(c) Contingent liability

(d) Provision