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IAS 36 Impairment of Assets is not a new standard, and while many of its requirements are familiar, an impairment review of assets (either tangible or intangible) is frequently challenging to apply in practice. This is because IAS 36’s guidance is detailed, prescriptive and complex in some areas.
The Insights into IAS 36 series have been written to assist preparers of financial statements and those charged with the governance of reporting entities to understand the requirements set out in IAS 36, and revisit some areas where confusion has been seen in practice.
The next three publications in the Insights into IAS 36 series cover steps 5 and 6 of the impairment review, namely comparing recoverable amount with carrying amount and recognizing or reversing any impairment losses:
- Comparing recoverable amount with carrying amount;
- Recognizing impairment losses;
- Reversing impairment losses.
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Download the document alert_2022-04_insights-into-ias-36_impairment_p
IFRS Adviser Alert | Insights into IAS 36 Impairment of Assets