Page 12 - Finac1 Test 3 slides - 3. Impairment of Assets

TEST 3 PREPARATION

When should impairment be applied?

• This standard applies to financial assets classified

as:

• investments in subsidiaries, associates and joint

ventures as they are excluded from the scope of the

standard on financial instruments: disclosure and

presentation; (IAS 36.04)

• assets that are carried at revalued amounts in

accordance with other standards such as the revaluation

model in IAS 16 Property, plant and equipment. (IAS

36.05)

12