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How the economic crisis followed by the recession impact on IFRS financial reporting. Do companies need to reassess the book value of their assets?

Value Based Selling Assets Recovery Financial Reporting IFRS Economics
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Question added by Sohail Kamran , Financial Controller , Amskor Corporation
Date Posted: 2015/11/22
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MANISH JHA
by MANISH JHA , HOD ACCOUNTS & FINANCE CASTING DIVISION , DUFLON INDUSTRIES PVT LTD

Yes as per IAS 36 Imapairment of Asset such a steep and fast decrease had an impact on the IFRS financial reporting. Companies showing assets in their accounts had to reassess their book value.

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