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of <h1>AS 28: Ensure Assets Aren't Overvalued, Assess Impairment Annually, Reverse Losses, and Disclose Impaired Assets</h1> The Accounting Standard (AS) 28 on Impairment of Assets sets out procedures to ensure assets are not carried at more than their recoverable amount, defined as the higher of an asset's net selling price and its value in use. It applies to all assets except inventories, construction contracts, financial assets, and deferred tax assets. The standard requires enterprises to assess at each balance sheet date whether there is any indication of impairment and to recognize an impairment loss when the carrying amount exceeds recoverable amount. It also outlines the process for reversing impairment losses and specifies disclosure requirements for impaired assets.
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