Impairment of Assets

Is an item of property, plant or equipment impaired? IAS 36 Impairment of Assets should be applied.

• Has an impairment occurred?
• If yes, what amount is recoverable?
• Can the amount be reversed later?
• When to recognize a loss?
• Are there any applicable insurance claims that will cover the loss or damage?
• Will the asset be disposed of?
• Is a profit foreseeable if a third party covers partial or full loss of an asset?
• What is the asset is restored or replaced?