Asset impairment rules: recognise losses when carrying amount exceeds recoverable amount, with specified measurement and disclosure requirements.

Prescribes that assets be carried at no more than recoverable amount, defined as the higher of net selling price and value in use, and requires entities to assess indicators of impairment each balance sheet date. If indicators exist, estimate recoverable amount for the asset or the cash generating unit; recognise impairment losses when carrying amount exceeds recoverable amount and adjust future depreciation. Impairment losses are allocated to goodwill first and then to other assets pro rata; reversals are permitted when estimates change, subject to restoration limits. Material impairments and reversals require specified disclosures.

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