Tag Archives: #AccountingStandardsBoard

Annual Impairment Testing of Assets: Which assets are required to be tested for impairment Annually ?

Annual Impairment Testing of Assets Under accounting standards such as the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), certain assets require to test for impairment annually. Impairment testing involves assessing whether the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs… Read More »

When assets are Recorded at Original value?

Recording Assets at Original Value Recording Assets at Original Value, When assets are record at their original value, it means that their initial cost or acquisition cost is use as the basis for their recognition on the balance sheet. The original value typically represents the amount paid or incurred to acquire or produce the… Read More »

Asset valuation methods: Are assets Recorded at Market value ?

Asset valuation methods Asset valuation methods is the recording of assets at market value depends on the accounting framework being used. In general, assets are typically recorded at their historical cost or fair value, depending on the circumstances and accounting standards followed by an organization. Based on the historical cost principle, assets are initially… Read More »

Iconic One Theme | Powered by Wordpress