DFS: Impairement Losses and revcoverable amounts

pirate

Hi there,

just going back over my notes and wanted to be totally sure about something

under IAS 36 Impairment of assets assets need to be reviewed for each yearts statement of financial position to see if there is any impairment indication.
Is this compulsory for all types of assets goverened by the standard ie do businesses need to carry this out for PPE as well intangible assets and goodwill?

Also
when carrying out the impairment review we calculate the different between the assets recoverable value and the carrying amount or value.
The recoverable value is the higher of fair value or value in use.
If there is a difference so that Carrying Value is greater than Recoveable value we need to make adjustments so we asset is now reduced to the recoverable amount in the Statement of Financial position (and the loss is recognised onthe income statement)
so now to my question
which value is used for the recoverable amount on the statement of financial position. Is it still the higher of Fair value or value in use? I expect so since we want the asset to be valued at the highest rate we can get.

many thanks in advance

K