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Depreciation of assets in the allocation of assets whose value is placed on the balance sheet. It is a kind of tangible asset that may incur a cost.

While Impairment of assets in the assets of a company whose value in the market is less than the actual price entered in the balance sheet. They are usually long-term assets. The longer the span the greater the impairment.image

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Depreciation of assets is the wear and tear overtime of physical goods and structure of a company or an organization.Assets can fixed assets which includes machineries,eequipments,fixtures and fittings,motor vans etc.Depreciation cost can be allotted yearly to a business revenue over a period of time till it gets to the last year with a zero all this is so done so that that asset can be acquired swiftly in later years.
While on the other hand impairement of assets is an asset that it's price in the balance sheet is higher than the present market value of it. This happens when the amount of the asset can't be recovers. This is to say that the amount of future cash flow from an asset is less in value than what is being recorded in the balance sheet.
by 8 27 88
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*Depreciation on assets- These assets are those which is held by an enterprise for use in the production or supply of goods and services it is expected to be used during more than one accounting period.

*Impairment of assets- Impaired assets are those assets on the companies balance sheet whose carrying value of the assets on the books exceeds the market value.

by 4 6 15
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Depreciation refers to how your acquired property loses it's value over a period of time. And how that change makes your business a loss over a time. And so you get to deduct some sort of taxes per year on that amount. 

In case of the asset impairment refers to the property which gives you better return over a period of holding it. Think of land, shares in the company. Such type of things give you more returns over a period of time. 
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