What do you know about AS- Impairment of Assets

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AS- Impairment of Assets is an accounting standard that deals with the recognition and measurement of impairment losses on assets.

AS- Impairment of Assets is covered under Accounting Standard (AS) 28 issued by the Institute of Chartered Accountants of India (ICAI).
It requires companies to assess the carrying amount of their assets and recognize impairment losses if the recoverable amount is less than the carrying amount.
Impairment losses are recognized in the profit and loss account and the carrying amount of the asset is reduced to its recoverable amount.
Examples of assets that may be subject to impairment include goodwill, property, plant, and equipment, and intangible assets.
The standard also requires companies to assess for impairment at the end of each reporting period and adjust the carrying amount of assets accordingly.

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