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Impairment of Fixed Assets

Impairment of Fixed Assets

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Published by Rupert Parsons
User guide for the fixed asset program (excel)
User guide for the fixed asset program (excel)

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Published by: Rupert Parsons on Apr 23, 2013
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10/28/2014

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Fixed Asset ProgramManual
Impairment of Fixed Assets
Fixed Asset Program ManualCopyright © 2013 Rupert ParsonsThis document is licensed under the Creative Commons Attribution Share Alike License version 3.You may copy, distribute and/or modify it under the conditions stipulated in the copyright licence.Click the link below to view the details of the copyright licence which applies to this publication:http://creativecommons.org/licenses/by-sa/3.0/deed.en
© Rupert Parsons 2013 1
 
Introduction
This chapter contains the following sections (each section starts on a new page):
In the year of impairment
The year following impairment
Assumed Knowledge
This chapter assumes you are already familiar with the accounting concepts governing fixedasset impairments.
© Rupert Parsons 2013 2
 
In the year of impairment
Go to the the fixed asset which has incurred an impairment loss.Enter the impairment loss in the
Cost Adjustment
cell (column Z) or the
DepreciationAdjustment
cell
 
(column AB).*Go to the
Reason
cell next to the cell where you entered the impairment loss (column AA orcolumn AC).Select '
Impairment
' from the drop down list.*
If depreciation is charged 
, n
ormally the impairment loss is reflected in accumulated depreciation.
Example:If the original cost of a building was £250,000 and is revalued at £200,000, enter 50,000 in the
Cost Adjustment
or
Depreciation Adjustment
cell to reflect the impairment loss:
If an impairment loss is charged prior to the year end and depreciation is charged
In this very unlikely situation you will need to override the depreciation charge calculated bythe program to reflect the new depreciation charge due to the impairment of the fixed asset.
Go to ' 
If depreciation is charged on the asset which has incurred an impairment loss
' on thenext page for further details.
To override the depreciation charge calculated by the program:
Go to the cell '
Depreciation charge in accounting period
' (column V).Unprotect the worksheet (there is no password).Enter (overwrite) the depreciation charge.Protect the worksheet (without a password).
The link to the calculated depreciation charge will be restored after you have run the year end  procedure.
© Rupert Parsons 2013 3

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