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Hi Mr LittleMike
I have a question about impairment of assets
Is it right that If intangible assets have no market value it shouldnt be impaired and revalued?According to the Framework, an asset is defined as:
“a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity”
So if an item has no market value it doesn’t satisfy the definition of an asset and should not therefore feature within the financial statements
Where have you read this idea that “If intangible assets have no market value it shouldnt be impaired and revalued”
I don’t recognise the quote
it means that it shouldnt be recognised as intangibles assets and therefore impairment and revaluation shouldnt be occured logically it is true? right? 🙂
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