Question.2377 - I. Introduction The Project component of the course is essential to passing this course. The project shows competency in understanding and applying the course objectives and achieving the learning outcomes. The project allows students to investigate, apply, research, and practice real life business situations. It is expected that each student to fully and actively participate in the project as an effective team member. The topic of this project is “IFRS applications about measurement, evaluation, and presentation of the property, plant, and equipment, & intangible assets.” Learning Outcomes 1. Understand IAS 16 Property, Plant and Equipment. 2. Describe the accounting treatments associated with intangible assets IAS 38. 3. Explain the accounting issues related to asset impairment IAS 36. 4. Explain the accounting for the revaluation model. 5. Describe the applications of IFRS in Listed Kuwaiti companies. II. Project Files The Project’s associated files will be shared on Moodle. Two main sources for the above project: • Academic articles and research papers from AUM library or other Academic resources. (minimum 5 references) • Annual reports: Kuwait stock market website https://www.boursakuwait.com.kw/Stock/Companies.aspx) or through the website of the selected company. • Kieso, Weygandt, and Warfield. Intermediate Accounting, IFRS edition, Third edition, Wiley.III. Project Summary (Scenario) The project deliverable will be discussed and practiced in class for further understanding and application. However, it is expected of each team to workin professional harmony and co-operation to produce quality deliverables and get this project done and delivered on time. Maximum size of team members for this project would be three. Each team is required to work on and submit a set of project deliverables. . IV. Deliverables & Project Management Deliverables: all Deliverables have to be submitted through Turnitin on Moodle. • Delivery: 3500 words ( Group Deliverable ) In this deliverable, students should submit: 1. IAS 36 “Impairment of Assets” includes: ? Key definitions of the standard ? Indications of Impairment ? Impairment of Goodwill ? Advantages and disadvantages for this standard to investors.2. A report clarifying and analyzing the behavior of the Kuwaiti companies regarding the application of the IFRS. This report join the knowledge students taken from academic articles and apply it for Kuwaiti listed companies. This report summarizing different measurements for different assets-depend on the company selected. These measurements include (at least) the following: - Cost concept application. - Fair market value applications. - Net realisable value applications. - Impairment or Revaluation applications.• Presentation and Discussion Group members are expected to present the deliverable in front of their colleagues and discuss their point of views about different applications identified by their project.Important Notes: Please refer to the assessment criteria below for the detailed outline of the components required in the final report.• It is the responsibility of the team to make sure that deliverables are of quality, and are submitted on the due date. • The project report is not to exceed the number of words as specified in each deliverable, single space typed (excluding appendices). • Your work needs to be authentic, using your own words, adding value, and creative. • Use proper citation of your work. • Similarity should not exceed the range between 20%. • A reference system should be used properly in APA. • Turnit-in: You are asked to upload a soft copy of all deliverables. • Turnit-in uploads of your report will only be allowed till the deadline of a delivery.V. Plagiarism One of the signs that the course material has been properly understood is honesty when accomplishing the assignments. Lack of academic integrity (e.g. plagiarism, copying another person’s work, the use of unauthorized aids on examinations, cheating, facilitating acts of academic dishonesty by others) will not be tolerated. Therefore, if students include ideas, sentences, or other material that are not theirs in their work, they must properly quote the source(s). Students are encouraged to consult with the instructor if they have any questions on the issues of academic integrity or technical formatting of the references. Upon suspicion and doubt of the authenticity of the work submitted, the Instructor has the right to ask the student to verify her/his work. This can be done through, but not limited to, repeating the work, oral examination or discussion, alternative or similar on spot class assignment, pop quiz, or any other action deemed necessary. If the student fails to prove the authenticity of the work, then the Instructor will apply the academic misconduct rules as mentioned in the AUM Student Handbook which may include awarding the work a zero grade.Students are expected and encouraged to be honest and to maintain the highest standards of academic integrity in their academic work and assignments at the University. Any act of Academic Dishonesty may result in severe consequences for violations range from zero grades given for the assignments, failing the course, and suspension from the University. Students will refrain from any academic dishonesty or misconduct including, but not limited to: • Plagiarism: the presentation of someone else’s ideas, words, or artistic, scientific, or technical work as one’s own creation. Also, paraphrasing, summarizing, like direct quotation, is considered as plagiarism, if the original source is not properly cited. • Cheating: is an act of lying, deception, trickery, imposture, or imposition. Cheating characteristically is employed to create an unfair advantage, usually in one’s own interest, and often at the expense of others. The person who is sending or receiving assistance is considered cheating. • Assisting in cheating. • Substituting for another student in the taking of an examination. • Substituting examination booklets/papers. • Submitting the same work for more than one course. • Submitting papers and other work written by others. • Receiving or providing unauthorized help or assistance in any academic work or assignment. • Intentional violation of program and degree requirements and regulations as established by the University. • Dishonest reporting of computational, statistical, experimental, and research results, or the like using any format of smart or electronic devices as a tool of cheating.For a detailed description of academic misconduct please refer tothe undergraduate AUM Student HandbookVI. Marking Scheme The main components of the projects grades are: Relevance of materials used to the task set 10 Application of appropriate techniques 10 Logical sequence and development 5 Evidence of background reading 15 Appropriate depth of analysis 15 Evaluation of issues/results 20 Use of supporting data/evidence 10 Use of referencing system and bibliography 10 Overall presentation 5 Total mark 100Bare pass mark The content of the reports demonstrate sufficient understanding of the key facts and processes associated with the topic but does not necessary presents its points correctly. Some of the justifications are questionable or some of the ideas are not clear. The document is missing some sections but the core subject of the topic is covered correctly. Presentation maybe missed or content is very poor.Pass mark The content of the reports demonstrate sufficient understanding of the key facts and processes associated with the topic and presents some of the points correctly. The justifications are limited but acceptable. The documentation is incomplete but the core subject of the topic is covered correctly with some evidence of planning. Presentation maybe presented very well but the content did not match the delivery.C classification The content of the report is good and demonstrate understanding of most of the facts associated with the topic. The justifications are generally all acceptable. The documentation is complete with suitable evidence of planning. Aspects of professional presentation of the work and documentation maybe incomplete, some of the initialstages may have not been completed on time (where subject for corrections), or the arguments presented are not backed by sufficient reasoning and analysis.B classification The content of the reports is of very high standards and demonstrate detailed understanding of the topic. All the reports are present and the justifications have sufficient reasoning provided with them. Good use of diagrams where applicable. The presentation documentation presented professionally. Aspects of initial documentations during the deliverable stages may have been subject to some corrections, documentation may have been excellent but presentation may have not met the standards expected.A classification The content of the reports is of outstanding level. Demonstrating students’ dedication from the early stages of study. Students demonstrate full understanding of the topic and applications are correctly applied. All reports are presented with near flawless justifications. Excellent use of diagrams where applicable. The presentation of documentation is professional. Aspects of initial documentations were only subject to cosmetic corrections. Final presentation of the work is of very high standards.
Answer Below:
IAS xxxxx Impairment xx AssetsBasic xxxx of xxx The xxxxxxx Objective xx IAS xxxxxxxxxx of xxxxxx is xxxx Assets xxxxx in xxx financial xxxxxxxxx should xx carried xx fair xxxxx that xx its xxxxx should xxx exceed xxx value xx use xx the xxxxx we xxx if xx sale xxxx asset xxxxx ever xx less xx that xxxxxxxx will xxx actual xxxxxx value xx the xxxxxxxxx statements xxx entity xxxx reduce xxx value xx fixed xxxxxx to xxx extent xx exceeds xxx recoverable xxxxx again xxxxxxxxxxx value xxxxx value xx use xx current xxxxxxx price xx the xxxxxx which xxxx is xxxx and xxxxxxxxx that xxxxxxxxxx loss xx profit xxx loss xxxxxxxxx IAS xxxxx apply xx all xxx assets xxxxxx for xxxxx aspects xxx which xxxxxxxxxx was xxxxxxx by xxx other xxxxxxxx standards xxx example xxxxxxxx tax xxxxxx financial xxxxxx inventories xxx other xxxxxxxxxx assets xxx definitions xx the xxxxxxxx Carrying xxxxxx is xxx amount xx which xx asset xx recognised xxxxx deducting xxx accumulated xxxxxxxxxxxx amortisation xxx accumulated xxxxxxxxxx losses xxxxxxx A xxxxxxxxxxxxxx unit xx the xxxxxxxx identifiable xxxxx of xxxxxx that xxxxxxxxx cash xxxxxxx that xxx largely xxxxxxxxxxx of xxx cash xxxxxxx from xxxxx assets xx groups xx assets xxxxxxxxx assets xxx assets xxxxx than xxxxxxxx that xxxxxxxxxx to xxx future xxxx flows xx both xxx cashgenerating xxxx under xxxxxx and xxxxx cashgenerating xxxxx Costs xx disposal xxx incremental xxxxx directly xxxxxxxxxxxx to xxx disposal xx an xxxxx or xxxxxxxxxxxxxx unit xxxxxxxxx finance xxxxx and xxxxxx tax xxxxxxx Depreciable xxxxxx is xxx cost xx an xxxxx or xxxxx amount xxxxxxxxxxx for xxxx in xxx financial xxxxxxxxxx less xxx residual xxxxx Depreciation xxxxxxxxxxxx is xxx systematic xxxxxxxxxx of xxx depreciable xxxxxx of xx asset xxxx its xxxxxx life xxxx value xx the xxxxx that xxxxx be xxxxxxxx to xxxx an xxxxx or xxxx to xxxxxxxx a xxxxxxxxx in xx orderly xxxxxxxxxxx between xxxxxx participants xx the xxxxxxxxxxx date xxx IFRS xxxx Value xxxxxxxxxxx An xxxxxxxxxx loss xx the xxxxxx by xxxxx the xxxxxxxx amount xx an xxxxx or x cashgenerating xxxx exceeds xxx recoverable xxxxxx The xxxxxxxxxxx amount xx an xxxxx or x cashgenerating xxxx is xxx higher xx its xxxx value xxxx costs xx disposal xxx its xxxxx in xxx Useful xxxx is xxxxxx a xxx period xxxx which xx asset xx expected xx be xxxx by xxx entity xx b xxx number xx production xx similar xxxxx expected xx be xxxxxxxx from xxx asset xx the xxxxxx Value xx use xx the xxxxxxx value xx the xxxxxx cash xxxxx expected xx be xxxxxxx from xx asset xx cashgenerating xxxx Indications xx Impairment xx mentioned xxxxx an xxxxx is xxxxxxxx if xx carrying xxxxx exceeds xxx recoverable xxxxxx the xxxxxxxxxxx for xxxxxxxxxx may xx internal xx external xxxxxxxx indications xxx impairment xxx There xx Proof xxxx Assets xxx Outdated xx Damaged xxxxxxxxxx There xxx indications xxxx continuance xxxx asset xxxxxxxxx affect xxx entity xxx use xxxx of xxxxx has xxxx reduced xxxxx may xxxxxx idle xx future xxx skilled xxxxxxx associated xxxx the xxxxxx are xxx available xxx Economic xxxxxxxxxxx of xxx asset xxxx adversely xxxxxx organization xxxxx required xx acquire xx maintain xxxxxx are xxxxxxxxxxx increased xxxxxxxx with xxxxxxxxx When xxxxxxxxx cash xxxxx from xxxxxx cumulatively xxx less xxxx cashflows xxxxxxx to xxxxxxx the xxxxx External xxxxxxxxxxx for xxxxxxxxxx Assets xxxxx has xxxx reduced xxxxxxxxxxx than xxxxxxxx due xx passage xx time xx usage xxxxxxxx changes xxx expected xx happen xx the xxxxxx company xxxxxxxxx which xxxxx the xxx of xxxx Asset xxxxxxxx it xxx be xx technological xxxxx or xxxxxxxx environment xxxxxxxx rates xxx increased xxxxxxxx to xxxxxx when xxxxx was xxxxxxxxx due xx increase xx market xxxx of xxxxxxx as xxxxx discount xxxxx are xxxx to xxxxx value xx use xx assets xxxx ultimately xxxxxxx assets xxxxxxxxxxx value xxxxxxxxxxxxx The xxxxxxx down xxxxx of xxxxx is xxxx than xxx market xxxxxxxxxxxxxx Impairment xx Goodwill xxxxxxxxxx test xxx goodwill xx the xxxx as xxxx for xxxxx indefinite-life xxxxxxxxxxx That xx companies xxxx to xxxx for xxxxxxxxxx of xxxxxxxx at xxxxx annually xxxxxxx goodwill xxx only xxxxxxxx cash xxxxx with xxxxxxxxxxx of xxxxx assets xxx impairment xxxx is xxxxxxxxx based xx the xxxxxxxxxxxxxxx unit xxxxxxx which xxxxxxxx is xxxxxxxxxx cashflows xxxxxxxxx identify x cash xxxxxxxxxx unit xxxxx on xxx smallest xxxxxxxxxxxx group xx assets xxxx generate xxxx flows xxxxxxxxxxxxx of xxx cash xxxxx from xxxxx assets xxxxx IFRS xxxx a xxxxxxx records xxxxxxxx in x business xxxxxxxxxxx it xxxx assign xxx goodwill xx the xxxx generating xxxx that xx expected xx benefit xxxx the xxxxxxxxx and xxxxx benefits xxxxxxx from xxx business xxxxxxxxxxx An xxxxxxxxxx asset xx impaired xxxx a xxxxxxx is xxx able xx recover xxx asset xxxxx s xxxxxxxx amount xxxxxx through xxxxx it xx by xxxxxxx it xx impairment xxxx is xxxxxxxx in xxx income xx the xxxxxxxxxxx amount xxx greater xx fair xxxxx less xxxxx to xxxx and xxxxxxxxxxxx of xx intangible xxxxx is xxxx than xxx carrying xxxxx Impairment xxxxxx on xxxxxxxxxx assets xxxxx than xxxxxxxx may xx reversed xxx only xx to xxx carrying xxxxxx that xxxxx have xxxx recorded xx the xxxxxxx of xxx impairment xx test xxx impairment xxxxxxxx must xx allocated xx each xx the xxxxxxxx amp x cash-generating xxxxx or xxxxxx of xxxxxxxxxxxxxxx units xxxx are xxxxxxxx to xxxxxxx from xxx synergies xx the xxxxxxxxxxx irrespective xx whether xxxxx assets xx liabilities xx the xxxxxxxx are xxxxxxxx to xxxxx units xx groups xx units xxxx unit xx group xx units xx which xxx goodwill xx so xxxxxxxxx shall xxxxxxxxx the xxxxxx level xxxxxx the xxxxxx at xxxxx the xxxxxxxx is xxxxxxxxx for xxxxxxxx management xxxxxxxx and xxx be xxxxxx than xx operating xxxxxxx determined xx accordance xxxx Operating xxxxxxxx If xxx recoverable xxxxxx of xxx unit xxxxxxx the xxxxxxxx amount xx the xxxx the xxxx and xxx goodwill xxxxxxxxx to xxxx unit xx not xxxxxxxx If xxx carrying xxxxxx of xxx unit xxxxxxx the xxxxxxxxxxx amount xx the xxxx the xxxxxx must xxxxxxxxx an xxxxxxxxxx loss xxx impairment xxxx is xxxxxxxxx to xxxxxx the xxxxxxxx amount xx the xxxxxx of xxx unit xxxxx of xxxxx in xxx following xxxxx first xxxxxx the xxxxxxxx amount xx any xxxxxxxx allocated xx the xxxxxxxxxxxxxxx unit xxxxx of xxxxx and xxxx reduce xxx carrying xxxxxxx of xxx other xxxxxx of xxx unit xxxxx of xxxxx pro xxxx on xxx basis xxx carrying xxxxxx of xx asset xxxxxx not xx reduced xxxxx the xxxxxxx of xxx fair xxxxx less xxxxx of xxxxxxxx if xxxxxxxxxx its xxxxx in xxx if xxxxxxxxxx zero xx the xxxxxxxxx rule xx applied xxxxxxx allocation xx the xxxxxxxxxx loss xx made xxx rata xx the xxxxx assets xx the xxxx group xx units xxxxxxxxxx and xxxxxxxxxxxxx for xxxx standard xx investors xxxxxxxxxx It xxxxxxxx Investors xxxx value xx the xxxxxx Balance xxxxx consists xx the xxxxxx it xxx be xxxx valued xxxxxxxxxx Goodwill xxxxx is xxxxxxxxx during xxxxxxxx combinations xxxxx may xx due xx companies xxxx over- xxxx for xxxxxx These xxxxxxxx financials xxxx investors xx pay xxxx than xxx worth xxxxx buying xxxxxxxxxx This xxxxxxxx protects xxxxxxxxx from xxxxx issues xxxx Impairment xxxxxxx also xxxxx investors xx evaluate xxxxxxxxxx decisions xxxxxxxxxx and xxxxx evaluation xx future xxxxxxx Investors xxx take xxxxx decisions xxxxx on xxx real xxxxx of xxxxxx rather xxxx book xxxxx of xxxxxx as xxxx standard xxxxxxxx companies xx apply xxxxxxxxxx and xxxxx down xxxxxx to xxxxx recoverable xxxxx Dis-advantages xxxx standard xxxxxx companies xx choose xxxxxxxx value xx its xxx this xxx lead xxxxxxxxx value xx different xxxxxxx use xxxxxxxxx valuation xxxxxx there xx no xxxxx science xx compute xxxxxxxx It xx not xxxxxxxxxx for xxxxxxxxx to xxxxxxxx how xxxxxxxx value xx arrived xx the xxxxxxxxxx so xxxxxxxxx will xxx disclose xxx justification xxx the xxxxx of xxxxxxxx it xxxxx creates xxxxxxxx on xxx good xxxx is xxxxxx Many xxxxxxxxx provide xxxxxxxxx assistance xxxxx on xxx Financial xxxxxx which xxxxx depends xx the xxxxx of xxxxxx if xxx companies xxxxx Impairment xxxxxxx will xxxxxxxx as xx contains xxxxxxxxxx loss xxxxx side xx decrease xx value xx assets xxxx adversely xxxxxx the xxxxxxxxx ratios xx a xxxxxx creditors xxx withdraw xxxxx financial xxxxxxxxxx or xxx extend xxxxxxx which xxxxx adversely xxxxxx on xxxxxxxxxx of xxxxxxx if xxx company xx more xxxxxxx on xxxx it xxxx have xxxx negative xxxxxxxxxxxxxxxxx of xxxx by xxxxxxx companies xxx Kuwaiti xxxxxxxxx which xxx listed xx the xxxxxx Stock xxxxxxxx KSE xxx required xx follow xxx International xxxxxxxxx Reporting xxxxxxxxx IFRSs xxx follow xxx related xxxxxxxxxxx and xxxx issued xx three xxxxxxxxxxxx bodies xxxxxx Ministry xx Commerce xxx Industry xxx The xxxxxxx Bank xx Kuwait xxx and xxx KSE xxx MCI xx looks xxxx for xxxxxxxxxxxx on xxxxxxxxxx with xxxxxxxxxx company xxx and xxxxx regulations xxx MCI xxxxxxx on xxx Statutory xxxxxxx amp x report xx assess xxx compliance xxxx IFRSs xxxxxxxxxxxx However xxx CBK xxxxxxx on xxx auditors xx inspect xxx compliance xxxxx and xxxxx legal xxxxxxxxxxxx In xxxxxx listed xxxxxxxxx act xx accordance xxxx commercial xxxxxxx law xxx securities xxxxxx law xxxxxx a xxxxxxxxx Technical xxxxxxxxx PTC xxx created xx Ministerial xx set xxxxxxxxxx principles xxxx the xxx amp x framework xxx policy xxxxxxxx that xxxxxxxxxxxx in xxxxxxxxxx profession xx Kuwait xxxxxxx on xxxxxxxxxx practices xxxxxx be xx par xxxx those xxxx in xxxxxxxxx countries xxxxxxxx it xx suitable xx Kuwaiti xxxxxxxx environment xxxxxx the xxx obligating xxx listed xxxxxxxxx in xxx KSE xx comply xxxx IFRSs xxxxxxxxxxxx The xxxxxxxxxx has xxxxxx effective xx Adoption xx IASs xx expected xx have x good xxxxxx on xxx disclosure xxxxx and xxxxxxxxxxxx as xxxx as xxxxxxxxxx comparability xx financial xxxxxxxxxx of xxxx domestic xxx international xxxxxxxxx The xxxx are xxxxxxxxxx given xxxx there xx no xxxxxxxx with xxx local xxxx regulations xxx business xxxxxxxxxxx The xxx companies xxx generally xxxxxxxxx with xxxx more xxxxxxxxxxx when xxxxxxxx to xxxxx established xx Listed xxxxxxxxx The xxxxxxxx in xxxxx company xxxxxxxxx also xxxxx a xxxxx role xx determining xxxxxxx the xxxxxxxxx are xxxxxxxxxxx applying xxxx to xxxxx financials xx analysis xx this xxxxxxx we xxxxxxxxxx ACICO xxxxxxxxxx financials xxxxx industries xxxxxx in xxx annual xxxxxx that xxxxxxxxxx are xxxxx historical xxxx convention xxxxxx for xxxxxxx financial xxxxxx available xxx sale xxx investment xxxxxxxxxx that xxx stated xx their xxxx value xxxxxxxxxx cost xx generally xxxxx on xxx fair xxxxx of xxx consideration xxxxx in xxxxxxxx for xxxxx and xxxxxxxx Fair xxxxx is xxx price xxxx would xx received xx sell xx asset xx paid xx transfer x liability xx an xxxxxxx transaction xxxxxxx market xxxxxxxxxxxx at xxx measurement xxxx So xxxx this xxxxxxxxxx it xxxxxxx that xxxxx companies xxxxxxxxx cost xxxxxxx The xxxx market xxxxx is xxxxxxx important xxxxxxx while xxxxxxxxxxx of xxxx to xxxxxxxxxxxxx annual xxxxxx has xxxxxxxxx disclosure xxxxxxxxx fair xxxxx measurement xxxx value xx the xxxxx that xxxxx be xxxxxxxx to xxxx an xxxxx or xxxx to xxxxxxxx a xxxxxxxxx in xx orderly xxxxxxxxxxx between xxxxxx participants xx the xxxxxxxxxxx date xxx fair xxxxx measurement xx based xx the xxxxxxxxxxx that xxx transaction xx sell xxx asset xx transfer xxx liability xxxxx place xxxxxx bull xx the xxxxxxxxx market xxx the xxxxx or xxxxxxxxx bull xx the xxxxxxx of x principal xxxxxx in xxx most xxxxxxxxxxxx market xxx the xxxxx or xxxxxxxxx All xxxxxx and xxxxxxxxxxx for xxxxx fair xxxxx is xxxxxxxx or xxxxxxxxx in xxx financial xxxxxxxxxx are xxxxxxxxxxx within xxx fair xxxxx hierarchy xxxxxxxxx as xxxxxxx based xx the xxxxxx level xxxxx that xx significant xx the xxxx value xxxxxxxxxxx as x whole xxxxx Quoted xxxxxxxxxx market xxxxxx in xxxxxx markets xxx identical xxxxxx or xxxxxxxxxxx Level xxxxxxxxx techniques xxx which xxx lowest xxxxx input xxxx is xxxxxxxxxxx to xxx fair xxxxx measurement xx directly xx indirectly xxxxxxxxxx Level xxxxxxxxx techniques xxx which xxx lowest xxxxx input xxxx is xxxxxxxxxxx to xxx fair xxxxx measurement xx unobservable xxxx value xx the xxxxx that xxxxx be xxxxxxxx to xxxx an xxxxx or xxxx to xxxxxxxx a xxxxxxxxx in xx orderly xxxxxxxxxxx between xxxxxx participants xx the xxxxxxxxxxx date xxxxxxx receivables xxx amounts xxxxxxxxxxx from xxxxxxxx sales xx ordinary xxxxxx of xxxxxxxx and xxx initially xxxxxxxxxx by xxxxxxx in xxx fair xxxxx and xxxxxxxxxxxx measured xx amortized xxxx using xxx effective xxxxxxxx method xxxx provision xxx impairment x provision xxx impairment xx trade xxxxxxxxxxx is xxxxxxxxxxx when xxxxx is xxxxxxxxx evidence xxxx the xxxxx will xxx be xxxx to xxxxxxx all xxxxxxx due xxxxxxxxx to xxx original xxxxx of xxx receivables xxxxxxxxx assets xxxxx available xxx sale xxx non-derivative xxxxxxxxx assets xxxx are xxxxxxxxxxx under xxxxxxxxxxx assets xxxxx management xxxxxxxxx was xx dispose xx the xxxxxxxxx asset xxxxxx months xxxx the xxx of xxx reporting xxxxxx Purchases xxx sales xx those xxxxxxxxx assets xxx measured xx trade-date xxxxx the xxxx on xxxxx the xxxxx purchase xx sell xxx asset xxxxxxxxx assets xxx initially xxxxxxxxxx at xxxx value xxxx transaction xxxxx for xxx financial xxxxxx not xxxxxxx at xxxx value xxxxxxx profit xx loss xxxxxxxxx assets xxxxxxxxx for xxxx are xxxxxxxxxxxx carried xx fair xxxxx The xxxx values xx quoted xxxxxxxxx assets xxx based xx current xxxxxx prices xx the xxxxxx for x financial xxxxx is xxx available xxx for xxxxxxxx securities xxx entity xxxx fair xxxxx by xxxxx valuation xxxxxxxxxx These xxxxxxx the xxx of xxxxxx arm xxxxx s xxxxxx transactions xxxxxxxxx to xxxxx instruments xxxx are xxxxxxxxxxxxx the xxxx discounted xxxx flow xxxxxxxx and xxxxxx pricing xxxxxx refined xx reflect xxx issuer xxxxx s xxxxxxxx circumstances xxxxxxxx and xxxxxxxxxx gains xxx losses xxxx financial xxxxxx at xxxx value xxxxxxx profit xx loss xxx included xx the xxxxxxxxxxxx statement xx profit xx loss xxxxxxxxxx gains xxx losses xxxxxxx from xxxxxxx inthe xxxx value xx financial xxxxxx available xxx sale xxx recognized xx cumulative xxxxxxx in xxxx value xx other xxxxxxxxxxxxx income xxxxxx for xxxxxxxxx for xxxx debt xxxxxxxxxxx where xxx foreign xxxxxxxx differences xxxxxxxxx is xxxxxxxxxx in xxx consolidated xxxxxxxxx of xxxxxx or xxxx while xxxxx fair xxxxx changes xxx recognized xx cumulative xxxxxxx in xxxx value xx other xxxxxxxxxxxxx income xxxxxxxxxx of xxxxxx is xxxx done xx bring xxx Assets xx its xxxx value xx Kuwaiti xxxxxxxxx trade xxxxxxxx and xxxxxxxxxx are xxxxxxxxxx initially xx fair xxxxx Investment xxxxxxxxxx are xxx assets xxxx for xxxxxxx appreciation xx any xxxxx income xxxxxxxxxx measurement xx investment xxxxxxxx at xxxx value xx end xx accounting xxxxxx During xxxxxxxx combination xxxxxx and xxxxxxxxxxx of xxxxxxxxxx company xxx measured xx fair xxxxx Net xxxxxxxxxx value xxxxxxxxxxxx Net xxxxxxxxxx value xx the xxxxxxxxx selling xxxxx in xxx ordinary xxxxxx of xxxxxxxx less xxx costs xx completion xxx selling xxxxxxxx Write-down xx made xxx obsolete xxx slow-moving xxxxx based xx their xxxxxxxx future xxx and xxx realizable xxxxx Inventories xxx valued xx the xxxxx of xxxx or xxx realizable xxxxx after xxxxxxxxx allowances xxx any xxxxxxxx or xxxxx moving xxxxx Properties xxxxxxxx or xxxxx developed xxx sale xx the xxxxxxxx course xx business xxxxxx than xx be xxxx for xxxxxx or xxxxxxx appreciation xxx held xx properties xxxx for xxxxxxx and xxx measured xx lower xx cost xx net xxxxxxxxxx value xxxxxxx receivables xxx written xxxx to xxxxx Net xxxxxxxxxx value xx providing xxxxxxxxx to xxx debts xxxxxxxxxx or xxxxxxxxxxx applications xxx annual xxxxxx on xxxxxxxxxx accounting xxx mentioned xxxxx The xxxxx assesses xx the xxx of xxxx reporting xxxxxx whether xxxxx is xxxxxxxxx evidence xxxx a xxxxxxxxx asset xx a xxxxx of xxxxxxxxx assets xx impaired xx the xxxx of xxxxxx securities xxxxxxxxxx as xxxxxxxxx for xxxx a xxxxxxxxxxx or xxxxxxxxx decline xx the xxxx value xx the xxxxxxxx below xxx cost xx considered xx determining xxxxxxx the xxxxxxxxxx are xxxxxxxx Significant xxxxxxx is xxxxxxxxx against xxx original xxxx of xxx financial xxxxx and xxxxxxxxx against xxx period xx which xxxx value xxx been xxxxx its xxxxxxxx cost xx any xxxx evidence xxxxxx for xxxxxxxxx assets xxxxxxxxx for xxxx the xxxxxxxxxx loss xxxxx measured xx the xxxxxxxxxx between xxx acquisition xxxx and xxx current xxxx value xxxx any xxxxxxxxxx loss xx that xxxxxxxxx asset xxxxxxxxxx recognized xx profit xx loss xxxxx is xxxxxxx from xxxxx comprehensive xxxxxx and xxxxxxxxxx in xxx consolidated xxxxxxxxx of xxxxxx or xxxx Impairment xxxxxx recognized xx the xxxxxxxxxxxx statement xx profit xx loss xx available xxx sale xxxxxx instruments xxx not xxxxxxxx through xxx consolidated xxxxxxxxx of xxxxxx or xxxx Impairment xxxxxx recognized xxx available xxx sale xxxx instruments xxx reversed xxxxxxx the xxxxxxxxxxxx statement xx profit xx loss xx the xxxxxxxx in xxxx value xxx be xxxxxxxxxxx related xx an xxxxx occurring xxxxx the xxxxxxxxxx loss xxx previously xxxxxxxxxxxxxxxxxx is xxxxxxxxx recognized xx an xxxxx at xxxx and xx subsequently xxxxxxxx at xxxx less xxx accumulated xxxxxxxxxx losses xx impairment xxxxxxx goodwill xx allocated xx each xx the xxxxx rsquo x cash-generating xxxxx expected xx benefit xxxx the xxxxxxxxx of xxx combination xxxxxxxxxxxxxxx units xx which xxxxxxxx has xxxx allocated xxx tested xxx impairment xxxxxxxx or xxxx frequently xxxx there xx an xxxxxxxxxx that xxx unit xxx be xxxxxxxx If xxx recoverable xxxxxx of xxx cash-generating xxxx is xxxx than xxx carrying xxxxxx of xxx unit xxx impairment xxxx is xxxxxxxxx first xx reduce xxx carrying xxxxxx of xxx goodwill xxxxxxxxx to xxx unit xxx then xx the xxxxx assets xx the xxxx pro-rata xxxxx on xxx carrying xxxxxx of xxxx asset xx the xxxx An xxxxxxxxxx loss xxxxxxxxxx for xxxxxxxx is xxx reversed xx a xxxxxxxxxx period xx the xxx of xxxx reporting xxxx the xxxxx reviews xxx carrying xxxxxxx of xxx tangible xxx intangible xxxxxx to xxxxxxxxx whether xxxxx is xxx indication xxxx those xxxxxx have xxxxxxxx an xxxxxxxxxx loss xx any xxxx indication xxxxxx the xxxxxxxxxxx amount xx the xxxxx is xxxxxxxxx to xxxxxxxxx the xxxxxx of xxx impairment xxxx if xxx Where xx is xxx possible xx estimate xxx recoverable xxxxxx of xx individual xxxxx the xxxxx estimates xxx recoverable xxxxxx of xxx cash-generating xxxx to xxxxx the xxxxx belongs xxxxxxxxxxx amount xx the xxxxxx of xxx fair xxxxx less xxxxx to xxxx and xxxxx in xxx In xxxxxxxxx value xx use xxx estimated xxxxxx cash xxxxx are xxxxxxxxxx to xxxxx present xxxxx using x discount xxxx that xxxxxxxx current xxxxxx assessments xx the xxxx value xx money xxx the xxxxx specific xx the xxxxx If xxx recoverable xxxxxx of xx asset xx cash xxxxxxxxxx unit xx estimated xx be xxxx than xx is xxxxxxxx amount xxx carrying xxxxxx of xxx asset xx cash xxxxxxxxxx unit xx reduced xx its xxxxxxxxxxx amount xx impairment xxxx is xxxxxxxxxx immediately xx consolidated xxxxxxxxx of xxxxxx or xxxx unless xxx relevant xxxxx is xxxxxxx at x revalued xxxxxx in xxxxx case xxx impairment xxxx is xxxxxxx as x revaluation xxxxxxxx Where xx impairment xxxx subsequently xxxxxxxx the xxxxxxxx amount xx the xxxxx or xxxx generating xxxx is xxxxxxxxx to xxx revised xxxxxxxx of xxx recoverable xxxxxx but xx that xxx increased xxxxxxxx amount xxxx not xxxxxx the xxxxxxxx amount xxxx would xxxx been xxxxxxxxxx had xx impairment xxxx been xxxxxxxxxx for xxx asset xx cash xxxxxxxxxx unit xx prior xxxxx A xxxxxxxx of xx impairment xxxx is xxxxxxxxxx immediately xx consolidated xxxxxxxxx of xxxxxx or xxxx unless xxx relevant xxxxx is xxxxxxx at x revalued xxxxxx in xxxxx case xxx reversal xx the xxxxxxxxxx loss xx treated xx a xxxxxxxxxxx increase xx impairment xxxxxx when xxx carrying xxxxx of xx asset xx cash xxxxxxxxxx unit xxxxxxx its xxxxxxxxxxx amount xxxxx is xxx higher xx its xxxx value xxxx costs xx sell xxx its xxxxx in xxx The xxxx value xxxx costs xx sell xxxxxxxxxxx is xxxxx on xxxxxxxxx data xxxx binding xxxxx transactions xx an xxx rsquo x length xxxxxxxxxxx of xxxxxxx assets xx observable xxxxxx prices xxxx incremental xxxxx for xxxxxxxxx of xxx asset xxx value xx use xxxxxxxxxxx is xxxxx on x discounted xxxx flow xxxxx The xxxx flows xxx derived xxxx the xxxxxx for xxx next xxxx years xxx do xxx include xxxxxxxxxxxxx activities xxxx the xxxxx is xxx yet xxxxxxxxx to xx significant xxxxxx investments xxxx will xxxxxxx the xxxxx rsquo x performance xx the xxxx generating xxxx being xxxxxx The xxxxxxxxxxx amount xx most xxxxxxxxx to xxx discount xxxx used xxx the xxxxxxxxxx cash xxxx model xx well xx the xxxxxxxx future xxxx inflows xxx the xxxxxx rate xxxx for xxxxxxxxxxxxx purposesMore Articles From Accounting