AS 28 - I m pairm ent of Assets 565 565 Accounting Standard...

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565 Accounting Standard (AS) 28 (issued 2002) Impairment of Assets Contents OBJECTIVE SCOPE Paragraphs 1-3 DEFINITIONS 4 IDENTIFYING AN ASSET THAT MAY BE IMPAIRED 5-13 MEASUREMENT OF RECOVERABLE AMOUNT 14-55 Net Selling Price 20-24 Value in Use 25-55 Basis for Estimates of Future Cash Flows 26-30 Composition of Estimates of Future Cash Flows 31-45 Foreign Currency Future Cash Flows 46 Discount Rate 47-55 RECOGNITION AND MEASUREMENT OF AN IMPAIRMENT LOSS 56-62 CASH-GENERATING UNITS 63-92 Identification of the Cash-Generating Unit to Which an Asset Belongs 64-71 Recoverable Amount and Carrying Amount of a Cash-Generating Unit 72-86 Continued. ./. .
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566 Goodwill 78-82 Corporate Assets 83-86 Impairment Loss for a Cash-Generating Unit 87-92 REVERSAL OF AN IMPAIRMENT LOSS 93-111 Reversal of an Impairment Loss for an Individual Asset 101-105 Reversal of an Impairment Loss for a Cash-Generating Unit 106-107 Reversal of an Impairment Loss for Goodwill 108-111 IMPAIRMENT IN CASE OF DISCONTINUING OPERATIONS 112-116 DISCLOSURE 117-123 TRANSITIONAL PROVISIONS 124-125 APPENDIX
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Accounting Standard (AS) 28 (issued 2002) Impairment of Assets (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 .) Accounting Standard (AS) 28, ‘Impairmen t of Assets’ , issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2004. This Standard is mandatory in nature 2 in respect of accounting periods commencing on or after: (a) 1-4-2004 3 , for the enterprises, which fall in any one or more of the following categories, at any time during the accounting period: (i) Enterprises whose equity or debt securities are listed whether in India or outside India. 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 2 Reference may be made to the section titled ‘Announcement s of the council regarding status of various documents issued by the Institute of Chartered Accountants of India’ appearing at the beginning of this compendium for a detailed discussion on the implications of the mandatory status of an accounting standard. 3 It was originally decided to make AS 28 mandatory in respect of accounting periods commencing on or after 1-4-2004 for the following : (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India, and enterprises that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange in India as evidenced by the board of directors’ resolution in this regard.
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AS 28 - I m pairm ent of Assets 565 565 Accounting Standard...

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