FRS 11 sets out the principles and methodology for accounting for impairments of fixed assets and goodwill. It replaces the previous approach whereby diminutions in value were recognized only if they were regarded as permanent. Instead, the carrying amount of an asset is compared with its recoverable amount and, if the carrying amount is higher, the asset is written down.
CONTRACTOR is the person or entity who will provide the goods or services under the provisions of the contract.
PAYOUT RATIO is dividends paid divided by company earnings over some period of time, expressed as a percentage.
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