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n Professional Accountant - Impairment of assets - IFRS for SMEs : Section 27 : accounting standards

Volume 2012 Number 1
  • ISSN : 1680-7537

Abstract

Section 27 of IFRS for SMEs states that impairment losses should be recognised for all assets, with the exception of certain assets [refer to s27.1 (a) to (e)] whenever the carrying amount of an asset exceeds its recoverable amount1. The object of Section 27 is in compliance with Section 2 which states that an asset should be measured subsequent to initial recognition at an amount which is not greater than what the entity expects to recover from the sale of use of that asset: namely, its recoverable amount [refer to s24.9].

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/content/account/02/1/EJC119530
2012-02-01
2019-11-13

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