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I can explain Impairment Loss
Writing an asset down when it is no longer worth its carrying amount.
An impairment loss is recognized when an asset's carrying amount exceeds its recoverable amount, reducing the asset and charging the loss to profit or loss (subject to revaluation rules).
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Trigger events: damage, obsolescence, sustained losses on a cash-generating unit.
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In plain English, what is Impairment Loss?
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