impairment asset

Part A: Measurement of Tangible and Intangible assets under Accounting Standards
Assets are classified according to their ¡¥tangibility¡¦, that are tangible assets or intangible assets. Under tangible assets, are classified as either current or non-current assets.
AASB1010 ¡§Recoverable Amount of Non- Current Assets¡¨, which applied to non-current assets measured on the cost basis that is requires the carrying mount of non-current assets to be written down to their recoverable amounts when their carrying amount is greater than their recoverable amount. (Parker C, 2001, p497) While the carrying amount of a non-current assets is written down to its recoverable amount, the decrement in that carrying amount must be recognised as an expense in net P/L for the reporting period and must disclose the aggregate carrying amount of each of the assets. ASB1021 ¡¥Depreciation¡¦ requires non-current assets that have limited useful lives to be depreciat...