Page 7 - 2018 Finac1 Test 3 Class Slides - 3. Impairment Of Assets
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TEST 3 PREPARATION
Outcomes
• Define the objective and scope of the standard.
• Define the definitions.
• Apply the prescribed indications to assess whether an
asset may be impaired, as well as the timing of
impairment tests, with specific reference to intangible
assets with an indefinite useful life and intangible assets
not yet available for use.
• Determine the recoverable amount through
measurement of the value in use and the fair value less
costs of disposal.
• Recognise and measure impairment losses for individual
assets other than goodwill.
• Identify cash generating units and calculate the carrying
amount and recoverable amount of a cash generating
unit.
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