PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. For further guidance also see the PwC in depth here. This Deloitte e-learning module provides training in the background, scope and principles under IAS 36 'Impairment of Assets' and the application of this Standard. Testing for impairment in the upstream industries - top reminders: PwC In depth INT2015-11; IAS 23 - Capitalisation of borrowing costs: PwC In depth INT2015-09; IAS 36 - Impairment of non-financial assets – Expanding on the top 5 tips for impairment testing INT2015-08. However, costs of capital readily observable in the capital market will exist only rarely, as the former International Accounting Standards Realistic assumptions How do you compare like with like in the impairment model, now most leases are on the balance sheet? In allocating an impairment loss an entity shall not reduce the carrying amount of an asset below the highest of: Please see www.pwc.com/structure for further details. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. Illustrative IFRS consolidated financial statements - Investment property 2019. IAS 36 provides guidance in the form of a list of internal and external indicators of impairment. Although not all of these impairment tests are performed in accordance with IAS 36, the principle that the carrying value cannot exceed the recoverable amount is typically applied. the higher of fair value less costs of disposal and value in use). aligned with the requirements of IAS 21 The effects of changes in foreign exchange rates. This document sets out to highlight potential challenges that preparers of impairment assessments are likely to … This Deloitte e-learning module provides training in the background, scope and principles under IAS 36 'Impairment of Assets' and the application of this Standard. indefinite useful lives (IAS 36.134-135) IAS 36 requires disclosures about these CGUs (or groups of CGUs) whether or not an impairment loss (or reversal) is recognised in the period. : +49 69 9585-1455 E-Mail: g.fladt@de.pwc.com © 2001-2019 PwC. „IAS 36; Impact of a decommissioning liability in determining the recoverable amount of a CGU” stehen Ihnen folgende Ansprechpartner gerne zur Verfügung: Andreas Bödecker Tel. IAS 36 also says that the “the distinctive characteristics of corporate assets are that they do not generate cash inflows independently of other assets…” and also, because of that, “the recoverable amount of an individual corporate asset cannot be determined unless management has decided to dispose of the asset” (paragraphs 100, 101). What does Mary Dolson, IFRS Technical Partner look out for when she is reviewing a cash flow model. Ruth Preedy (PwC UK) and Iain Selfridge (PwC UK) look at the impact IFRS 16, leases has on IAS 36, impairment. Given the increased risk of impairment to goodwill and non-current assets given the volatile economic environment, we've developed the Impairment Smart Class to assist in year end reporting. A digital platform with timely, relevant accounting and business insights, personalised for you, IFRS specialist, Director, PwC United Kingdom. IAS 36 applies to a variety of non-financial assets including property, plant and equipment, right-of-use assets, intangible assets and goodwill, investment properties measured at cost and investments in associates and joint ventures 2. If yes, how do you do the impairment test in this uncertain time? This makes getting the accounting and disclosures right more of a challenge. For further guidance also see the PwC in depth here . Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS 36 33 Lease accounting – IAS 17, IFRS 16 34 Inventories – IAS 2 35 Provisions and contingencies – IAS 37 36 Events after the reporting period and financial commitments – IAS … Across the site assets Submitted to: Sir Zaheer Swati Submitted by: Shahnaz COMSATS ABBOTTABAD.... List is the comprehensive guide to IFRS have ranked them in reverse order of importance, working up their. 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