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Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards by Brandon Hanekom, Blaise Colyvas, Raymond Chamboko, Edwin Selbst, Tapiwa Njikizana, Danie Coetsee, Bruce Mackenzie

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Chapter 13IMPAIRMENT AND NONCURRENT ASSETS HELD FOR SALE

  1. INTRODUCTION
  2. DEFINITIONS OF TERMS
  3. IMPAIRMENT
    1. Impairment of Property, Plant and Equipment
      1. Principal requirements of IAS 36
      2. Identifying impairments
      3. Computing recoverable amounts–General concepts
      4. Determining fair value less costs to sell
      5. Computing value in use
      6. Cash-generating units
      7. Discount rate
      8. Corporate assets
      9. Accounting for impairments
      10. Reversals of previously recognized impairments under historical cost method of accounting
      11. Reversals of previously recognized impairments under revaluation method of accounting
      12. Deferred tax effects
      13. Impairments that will be mitigated by recoveries or compensation from third parties
      14. Disclosure requirements
  4. NONCURRENT ASSETS HELD FOR SALE
      1. Held-for-sale classification
      2. Measurement of noncurrent assets held for sale
      3. Change of plans
      4. Presentation and disclosure
  5. DISCONTINUED OPERATIONS
      1. Presentation and disclosure
  6. US GAAP COMPARISON

INTRODUCTION

Long-lived tangible and intangible assets (which include property, plant, and equipment as well as development costs, various intellectual property intangibles, and goodwill) hold the promise of providing economic benefits to an entity for a period greater than that covered by the current year's financial statements. Accordingly, these assets must be capitalized rather than immediately expensed, and their costs must be allocated over the expected periods of benefit for the reporting entity. IFRS for long-lived assets address matters such ...

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