For example, financial year starts 01-Jan and ends on 31-Dec. Company decides to sale the fixed asset on 01-Aug and held for sale.
Q1 – Shall company charge depreciation from 01-Jan to 31-Jul? Q2 – Shall company assess the lower of carrying amount VS fair value less cost to sell on 01-Aug or 31-Dec? Q2.1 – If the company assesses the lower of carrying amount VS fair value less cost to sell on 01-Aug then I believe it should reassess on 31-Dec and charge difference (only causing impairment but not the impairment reversal) in profit or loss… is it correct?