Page 12 - 2018 Finac1 Test 3 Class Slides - 3. Impairment Of Assets

TEST 3 PREPARATION

When should impairment be applied?

• This standard shall be applied in accounting for the

impairment of all assets other than:

• inventories,

• construction contracts,

• deferred tax assets,

• assets arising from employee benefits,

• financial assets that are included in the scope of the statement

on financial instruments: disclosure and presentation,

• investment property that is measured at fair value,

• biological assets related to agricultural activity that are

measured at fair value less estimated point-of-sale costs,

• deferred acquisition costs, and intangible assets, arising from an

insurer's contractual rights under insurance contracts, and

• non-current assets (or disposal groups) classified as held for sale.

(IAS 36.02)

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