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of <h1>AS 28 Guides on Identifying and Disclosing Impairment of Assets, Excludes Inventories and Financial Assets</h1> The Accounting Standard (AS) 28 on Impairment of Assets outlines procedures to ensure assets are not carried at more than their recoverable amount, requiring recognition of impairment losses when necessary. It applies to all assets except inventories, construction contracts, financial assets, and deferred tax assets. The recoverable amount is the higher of the asset's net selling price and its value in use. The standard prescribes methods for identifying impaired assets, measuring recoverable amounts, recognizing impairment losses, and reversing them. It also mandates disclosure of impairment losses and reversals in financial statements, ensuring transparency and compliance with statutory accounting standards.
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