Impairment of Fixed Assets

Hi All,
Can any one help me in understanding what is Impairment of Fixed Assets, As you must be aware, the Institute of Chartered Accountants of India has made it mandatory for all entities to account for impairment of assets. The institute has brought about such requirement vide its Accounting Standard 28 (AS 28).
As my client asking to implement it.
What all additional steps involve in this.
Regards
Shayam

In order to carry out the necessary tasks in the system, you can use the same functions that are used for showing investment support on the liabilities side of the balance sheet (see Special Valuation). These system functions make it possible for you to manage the reduction in value in a separate depreciation area, in which it can be depreciated. Define this depreciation area with the following characteristics (under Valuation):
Post assets in general ledger realtime
Management of positive and negative book values
Is not a derived depreciation area
Area type: "investment support on liabilities side"
No takeover of APC values from another depreciation area
Mandatory takeover of depreciation terms from area 01
If depreciation area 01 uses a depreciation key that depreciates the net book value over the remaining useful life, the value reduction will also be depreciated over the remaining useful life of the asset. In that case, it is not necessary to change the remaining useful life manually.
Periodic posting of depreciation (under: Depreciation ® Post depreciation to the general ledger).
Indicator set for "depreciation area manages investment support" (under Special Valuation ® Investment support).
Transaction Types
You use separate transaction types for posting the value reduction. Define these transaction types in FI-AA Customizing (Special Valuation ® Investment Support ® Check transaction types for investment support measures). The key for these transaction types always begins with capital letter "I" (for example, I01). Please be aware that these transaction types post only to depreciation areas that are defined for managing value reductions.
You can create the value reduction as a "support measure" in FI-AA Customizing (Define investment support measures). If you do, the system automatically creates the necessary transaction type.

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