Cost or value?
Sarah Ardiles and Tom Clendon discuss the thorny issue as to whether it is more useful for assets to be measured at cost or value? Tom sets the scene The…
Intangibles – Mind the gap!
Let’s start at the beginning. What is an asset? Intangible assets (IAS 38) defines an asset as a resource that is controlled by an entity as a result of past events and from which future economic benefits are expected.
Impairment PQ
Impairment will almost certainly be examined in the FR exam and you are likely to see it in the objective test questions or in the published accounts question. Therefore it is vital you can recognise when an asset has been impaired and know how to calculate the impairment charge, as well as be familiar with the correct accounting treatment.