AASB 136

AASB 136 is the Accounting Standard pertaining to "Impairment".

The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their
recoverable amount.
An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and the Standard requires the entity to recognise an impairment loss.
The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures.

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