Impairment of Assets: procedures for identifying, measuring and reversing impairment to align carrying amounts with recoverable amounts. Sets out procedures to ensure assets are not carried above their recoverable amount (the higher of net selling price and value in use), requires assessment for indicators of impairment at each balance sheet date, measurement by market evidence or discounted cash flows using approved budgets and a pre tax discount rate reflecting time value and asset specific risks, determination of recoverable amount at asset or cash generating unit level where inflows are not independent, allocation of impairment first to goodwill then pro rata to other assets, and rules for reversal, disclosure and interaction with revaluation and tax accounting.