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Impaired Assets, Impairment Testing and Accounting

   

Added on  2020-05-16

13 Pages2398 Words124 Views
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Advance Financial Accounting
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TABLE OF CONTENTSIntroduction......................................................................................................................................5Task A..............................................................................................................................................5Impaired Assets...........................................................................................................................5Impairment Testing......................................................................................................................5Accounting treatment of Impairment Expenditure......................................................................6Key Estimates and assumption relating to impairment expenditure...........................................8Subjectivity involved in impairment testing procedure...............................................................8Analysis of impairment testing....................................................................................................8New insights learned about impairment testing...........................................................................9Fair value measurement...............................................................................................................9Task B..............................................................................................................................................9Assessment of former accounting standard for lease in accordance with view of chairmen ofIASB............................................................................................................................................9The reason behind the increase in off-balance sheet lease liabilities in comparison to debtreported on the balance sheet.......................................................................................................9Argument relating to former accounting standard lease regarding airlines companies.............10Reason and cause behind unpopularity of new accounting standard relating to lease..............10Reason due to which new accounting standard is expected to be better...................................10Conclusion.....................................................................................................................................11References......................................................................................................................................12
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LIST OF FIGURESFigure 1: Notes relating to Impairment of Intangibles....................................................................5Figure 2: Impairment Loss for the year...........................................................................................6
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