Other accounting standards - part 2
Taught by James Griffiths · AI tutor support included
This lesson explores asset impairment accounting under IAS 36, with practical focus on buildings damaged by unforeseen events such as fires. You will understand how to identify impairment indicators, calculate recoverable amounts, record appropriate journal entries, and handle complex scenarios involving prior revaluations, whilst mastering the disclosure requirements for financial statement reporting.
This lesson is part of a paid course
Buy the course to unlock every video lesson and the AI Tutor, plus mock exams with feedback on CIMA courses.
Already bought? Sign in
Ask the AI tutor anything about this lesson
It knows every lesson in the course — explanations, clarifications, practice questions.
In this lesson
- 0:00 Introduction to Asset Impairment
- 0:24 Impairment Indicator and Initial Assessment
- 1:09 Calculating Impairment Value
- 2:03 Accounting Entries for Impairment
- 2:28 Scenario with Previous Revaluation
- 3:25 Accounting for Revaluation and Impairment
- 5:36 IAS 36 Impairment Disclosures
- 6:35 Summary and Next Topics
About this lesson
Unlock the complexities of handling asset impairment with a focus on buildings affected by unforeseen events, like fires, in this insightful 7-minute video. Learn to calculate impairment value and master the specific accounting entries required, with or without prior revaluations. This tutorial also delves into the nuances of IAS 36 impairment disclosures, ensuring viewers understand how to accurately report these adjustments in financial statements. Ideal for accounting professionals seeking to enhance their expertise, this video offers valuable knowledge on navigating impairment tests and reporting requirements with confidence.
Duration: 7m
- Asset Impairment Indicators
- Recoverable Amount and Impairment Value Calculation
- Impairment Accounting Entries
- Revaluation and Impairment Interaction
- IAS 36 Disclosure Requirements
- Impairment Testing and Reversal
Transcript
Every lesson comes with a full searchable transcript - included with the course.
Get the F1 Objective Test course
All 71 video lessons, timed mock exams marked instantly with an explanation for every question, an AI Tutor in every lesson and lifetime access.
Already bought? Sign in