Impairment of assets
This query is : Resolved
05 January 2012
my question is at what point of time,company comes to know that there is a Permanent Diminution in value of long term investment,take for Eg investment in HDFC top 200 or investment in joint ventures or associates?I just want to know the signs of the same ,As methodology of calculation is already there in concerned accounting standard or IFRS..
05 January 2012
The point of time and the need to recognise
the impairment loss may be considered in the light of presentation of financial statements which represents the position as on the reporting date.
It is possible that the impairment or loss
nullifies or modifies till the reporting date. This is known as temporary impairment.
.
Unless the impairment is permanent, it should be considered as on reporting date by making an adjustment (downward) in carrying amount. Otherwise the point of time will be, that date on which permanent impairment takes place.
.
Pl. Refer AS-13.
the impairment loss may be considered in the light of presentation of financial statements which represents the position as on the reporting date.
It is possible that the impairment or loss
nullifies or modifies till the reporting date. This is known as temporary impairment.
.
Unless the impairment is permanent, it should be considered as on reporting date by making an adjustment (downward) in carrying amount. Otherwise the point of time will be, that date on which permanent impairment takes place.
.
Pl. Refer AS-13.
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