Page 6 - Finac1 Test 3 slides - 3. Impairment of Assets

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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