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Corporate Accounting - Essay Example

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Corporate Accounting

In this paper we look at impairment of assets from the view point of Transfield Services. The report starts with an introduction about Transfield Services and the business they are in. then it goes on to analyze the impairments done in 2009 wand 2007 and provides a brief explanation of the differences in the same. A detail analysis about the impairments done in the year ending 2009 has alson been provided alongwith the reasons for the sudden increase in the amount of impairment loss, a comment on the methods of impairment followed by Transfield Services and its sync with the AASB 136 standards. The report ends with a view on Impairment of Assets as a whole.
Transfield Services Limited provides various services to key industries in the Resources and Industrial, Infrastructure Services and Property and Facilities Management sectors. (Transfield Services (Australia) Pty Limited, 2008) It provides maintenance, and asset and project management services globally. (Transfield Services (Australia) Pty Limited, 2008)
Providing a range of structured business processes together with skilled management to help clients achieve maximum value from their existing assets. (Transfield Services (Australia) Pty Limited, 2008)
Undertaking of significant maintenance, shutdown, turnaround and engineering projects to optimize clients capital expenditure and achieve goals efficiently within budget. (Transfield Services (Australia) Pty Limited, 2008)
Providing information to clients regarding the best practices followed in the industry as well as outside it to instill a culture of continuous improvements in the client. (Transfield Services (Australia) Pty Limited, 2008)
Providing Operations Systems Manual (OSM) to monitor issues relating to health, safety, environment, quality and risk to effectively manage and control HSE risks within the workplace. (Transfield Services (Australia) Pty Limited, 2008)
Yes, Transfield Services did undertake ...Show more

Summary

Impairment of Assets is the sudden loss I the value of an asset over and above the systematic recognition of the loss of the asset’s value through depreciation. Once the asset is revalued then the higher of the recoverable amount or the carrying value is carried forward in the…
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Corporate Accounting essay example
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