Depreciation and Impairment in IFRS – what is their relationship?

Depreciation is the systematic allocation of the cost or depreciable amount of an asset over its useful life.  Depreciation recognizes normal wear and tear as the asset is used.

Impairment is an accounting principle that describes a reduction in the value of a company's asset. Impairment is a significant and prolonged decline in value. According to IAS 36, an asset is impaired when its carrying amount exceeds its recoverable amount

Carrying amount: the amount at which an asset is recognised in the balance sheet after deducting accumulated depreciation and accumulated impairment losses.

Recoverable amount: the higher of an asset's fair value less costs to sell (sometimes called net selling price) and its value in use.

The depreciation is the decrease of the assets values cause of using and the impairment is the decrease of the assets cause of the decrease of their market values

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Depreciation is net estimated life of an Asset

Impairment is asset are carried on net recoverable amount 

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companies are required to use component depreciation. IFRS requires that each part of an item of property, plant, and equipment that is significant to the total cost of the asset must be depreciated separately. Companies therefore have to exercise judgment to determine the proper allocations to the components. 

IMPAIRMENTS The general accounting standard of lower-of-cost-or-net realizable value for inventories does not apply to property, plant, and equipment. Even when property, plant, and equipment has suffered partial obsolescence, accountants have been reluctant to reduce the asset’s carrying amount.