Difference between impairment and downward revaluation
This query is : Resolved
20 February 2014
What is the difference between impairment and downward revaluation of assets??
How both are different??
How both are different??
20 February 2014
for impairment there is practically the carrying amount is less then recoverable amount
for downward rev its is done after valuer certifies after examining the technical part of assets.
for downward rev its is done after valuer certifies after examining the technical part of assets.
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20 February 2014
not clear sir ... can u please elaborate??
20 February 2014
but have u read AS 28? then onlu u can understand what is carrying amount and recoverable amount.
20 February 2014
i know these concepts.. the purpose of both impairment as per AS 28 and downward revaluation seems same?? isnt it? in both the cases you reduce the value of asset??
because you understand that your asset are not worth the carrying value..
because you understand that your asset are not worth the carrying value..
20 February 2014
at every bal sheet u need to check whether there is any impairment of asset or not...but not in case of downward revaluation.
20 February 2014
my question is if on a particular balance sheet date my assets are not worth its book value can downward revaluation be considered in place of impairment?? why management will for impairment and all, when we can do downward revaluation also??
21 February 2014
But without valuation how will you come to know that assets are not worth??unless u dont value it with the help of valuer????
which is done for finding out its value only to find out whether assets are impaired or not...
for down ward revluation we dont appoint valuer and find its value on particluar date...
which is done for finding out its value only to find out whether assets are impaired or not...
for down ward revluation we dont appoint valuer and find its value on particluar date...
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