Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP

Illustrative Financial Statements Disclosures under Ind AS (Adapted from Published Financial Statements of Public Companies in India): Disclosure on Accounting Policies for Impairment of Assets

The carrying values of assets/cash generating units at each balance sheet date are reviewed for impairment of assets. If the carrying amount of these assets exceeds their recoverable amount impairment is recognised. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.

When there is indication that an impairment loss recognised for an asset in prior accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised.

Illustrative Financial Statements Disclosures under Ind AS (Adapted from Published Financial Statements of Public Companies in India): Disclosure on Accounting Policies for Impairment of Assets

The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. If such recoverable amount of the asset or cash generating unit to which the asset belongs is less than its carrying amount, impairment loss is recognised in the profit and loss account. If at balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the ...