I have a few questions, kindly assist.

a. Which is the one to use/adopt, IAS or IFRS? I am unsure.

b. Can someone illustrate how to perform an impairment test and the journal entries too?

c. What is exactly fair value? Is it market value?

d. How do we determine fair value?

I am lost and unsure. Kindly assist.

A. They are the same International Accounting Standards Board - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/International_Accounting_Standards_Board)

B. I don't know the international rules

C. Yes Market Value or Fair Market Value

D. See Above, how much would someone be willing to pay for it?