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Suppose some properties were significantly damaged in a flood…………and say 80% of it will be covered by insurance.
Should I show the repair cost and Insurance cover separately……or do i show the balance after net off. Also are there any guidance under IAS’s for this?Well i can see here asset is clearly impaired.
Assets should be recorded at fair value less cost to sell .. And impairment to be account for in SOCI
insurance should be recorded as contingent asset , am not sure about it
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