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Lecture IFRS primer international GAAP basics: Chapter 16 - Wiecek, Young

Chapter 16 - Impairment of assets: IAS 36. The main contents of the chapter consist of mains parts: Related standards, IAS 36, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Impairment of Assets: IAS 36 Wiecek and Young IFRS Primer Chapter 16 Impairment of Assets Related standards IAS 36 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 157 Fair value measurements FAS 144 Accounting for the impairment or disposal of long-lived assets FAS 142 Goodwill and other intangible assets FAS 141 Business combinations Related Standards IFRS 3 Business combinations IAS 16 Property, plant and equipment IAS 17 Leases IAS 27 Consolidated and separate financial statements IAS 28 Investments in associates IAS 31 Interests in joint ventures IAS 38 Intangible assets IAS 40 Investment property IAS 36 – Overview Objective and scope Identifying an asset that might be impaired Recognizing and measuring an impairment loss for an individual asset Recognizing and measuring an impairment loss for cash-generating units and goodwill Reversing an impairment loss Disclosure IAS 36 – Objective and Scope IAS 36 ensures that assets are reported on the statement of financial position at no more than the entity can recover from their use or sale. May be an impairment loss—“the amount by which the carrying amount of an asset or a cash-generating unit (CGU) exceeds its recoverable amount” IAS 36 – Objective and Scope IAS 36 excludes: inventories assets arising from construction contracts employee benefit assets deferred tax assets financial assets under IAS 39 non-current assets or disposal groups held-for-sale investment property, biological assets based on FV measurements IAS 36 – Objective and Scope IAS 36 – Identifying an Asset that May Be Impaired Assets end of each reporting period assess for indications of impairment if indications of impairment, test for impairment Intangibles with indefinite lives, those not yet ready for use, and goodwill annually test for impairment regardless of indications of impairment Indication of impairment? Consider: . | Impairment of Assets: IAS 36 Wiecek and Young IFRS Primer Chapter 16 Impairment of Assets Related standards IAS 36 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 157 Fair value measurements FAS 144 Accounting for the impairment or disposal of long-lived assets FAS 142 Goodwill and other intangible assets FAS 141 Business combinations Related Standards IFRS 3 Business combinations IAS 16 Property, plant and equipment IAS 17 Leases IAS 27 Consolidated and separate financial statements IAS 28 Investments in associates IAS 31 Interests in joint ventures IAS 38 Intangible assets IAS 40 Investment property IAS 36 – Overview Objective and scope Identifying an asset that might be impaired Recognizing and measuring an impairment loss for an individual asset Recognizing and measuring an impairment loss for cash-generating units and goodwill Reversing an impairment loss Disclosure IAS 36 – .