Is an item of property, plant or equipment impaired? IAS 36 Impairment of Assets should be applied.
- Has an impairment occurred?
- If yes, what amount is recoverable?
- Can the amount be reversed later?
- When to recognize a loss?
- Are there any applicable insurance claims that will cover the loss or damage?
- Will the asset be disposed of?
- Is a profit foreseeable if a third party covers partial or full loss of an asset?
- What is the asset is restored or replaced?