INTERNATIONAL TAX PLAZA - Fair value or impairment accounting

Details: Published: 28 February 2022

‘Fair value accounting’ uses current market values as the basis for recognizing certain assets and liabilities. Fair value is the estimated price at which an asset can be sold or a liability settled in an orderly transaction to a third party under current market conditions. This definition includes the concepts noted below.

‘Asset impairment accounting’ is the practice of valuing assets to determine whether the cost of carrying them is more than the value that they are providing to a business.

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