Impairment : is reduction in the recoverable amount of an asset or cash generating unit below its carrying amount
Impairment loss: is the amount by which the carrying amount of an asset or cash generating unit exceed its recoverable amount
Impairment of individual Asset: in same cases an entity may hold assets that are reported in their finacial statements at a value greater than their recoverable value . Such posotion came to the light during period of economic down turns or financial crisis as witblnessed at the start of this century . IAS 36 seeks to ensure thart financial statements do not include asset at a value for which they can not be recovered .