In Accounting, Explain What Is Recoverable Amount

Recoverable amount is the HIGHER of the: Fair value less those expenses relating to the disposal/sale of the asset and Value in use of an asset A simple illustration: Company XYZ has a plant & machinery which has a fair value of $100,000 and estimate that the costs to dispose of the asset should be … Read more

In Accounting, What Do We Mean By Retained Profits

The profits of a company after tax are distributed or appropriated as decided by its directors. Not all the profits after tax will be distributed. The profits that are not distributed or appropriated are known as “retained profits”.