The objective of IAS 36 ‘Impairment of Assets’ is to ensure that assets are not carried at a figure greater than their recoverable amount. If an asset is impaired, i.e. its recoverable amount becomes less than its carrying amount in the balance sheet, then this loss must be written off.
(a) Define the following terms as used in IAS 36:
(i) Recoverable amount (ii) Carrying amount (iii) Value in use (iv) Fair value less costs to sell
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