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An asset should also be impaired in accordance with IAS 36 Impairment of Assets if its recoverable amount falls below its carrying amount. [1] Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use (estimate of future cash flows the entity expects to derive from the asset).
Asset impairment was first addressed by the International Accounting Standards Board (IASB) in IAS 16, which became effective in 1983. [2] It was replaced by IAS 36, effective July 1999. [2] In United States GAAP, the Financial Accounting Standards Board (FASB) introduced the concept in 1995 with the release of SFAS 121. [3]
IAS 13 Presentation of Current Assets and Current Liabilities 1979 January 1, 1981: July 1, 1998: IAS 1: IAS 14: Reporting Financial Information by Segment (1981) Segment reporting (1997) 1981 January 1, 1983: January 1, 2009: IFRS 8: IAS 15 Information Reflecting the Effects of Changing Prices 1981 January 1, 1983: January 1, 2005: N/A IAS 16
IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. [ 1 ]
Accountants have measures to deal with the impairment of assets (e.g. IAS 16) which seek to ensure that an entity's assets are not carried at more than their recoverable amount. [5] In this context, stranded assets are also defined as an asset that has become obsolete or non-performing, but must be recorded on the balance sheet as a loss of profit.
The Investment Company Institute (ICI) says 45% of individual retirement account assets are held in mutual funds. That adds up roughly to $6.2 trillion. Overall, in 2021, IRA mutual …
A new IRS rule says most people must withdraw the total balance of inherited IRAs within 10 years of receiving them. This could impact how you should manage your inheritance, as financial expert ...
Under most financial accounting standards (Standard Accounting Statement (SAS) 3 and IAS 16), the value of fixed assets are recorded and reported at net book value. Also, carrying assets at net book value is the most meaningful way to capture asset values for the owners of the business and potential investors.