Impairment

"asset of an entity is carried at no more than it’s recoverable amount " is totally in line with "asset is impaired if its recoverable amount is below the value currently shown on the SOFP" Where carrying value exceeds recoverable amount, asset is impaired ... because assets should not have a carrying value that exceeds their recoverable amount This is because recoverable amount, if it is lower than carrying value, is the figure that the asset should be impaired down to So impair a carrying value that is greater than the recoverable amount by the value by which the carrying value exceeds the recoverable amount (How many different ways can you say the same message?) Where an asset's recoverable amount is lower than its carrying value, we need to impair that carrying value by the amount of that excess over recoverable amount so that the newly-impaired carrying value is now the same as the recoverable amount "How does this statement reconcile" - no reconciliation necessary ... both messages say exactly the same thing OK?