The International Accounting Standards Board, as a consequential amendment to IFRS 13 'Fair Value Measurement', modified some of the disclosure requirements in IAS 36 'Impairment of Assets' regarding measurement of the recoverable amount of impaired assets. IAS 36 Impairment of Assets The objective of this Standard is to prescribe the procedures that an entity applies to The amendments resulted from the IASB’s decision in December 2010 to require additional disclosures about the measurement of impaired assets (or a … Background. However, one of the amendments potentially resulted in the disclosure requirements being broader than originally intended. This bibliography was generated on Cite This For Me ... IAS 36: Impairment Of Assets | Accounting ... 2015]. model in IAS 36 by using the unrecognised headroom of a cash-generating unit (CGU) (or group of CGUs) as an additional input in the impairment testing of goodwill (the headroom approach). 10. IASB issued also illustrative examplesthat are not part of IAS 36. Date recorded: 17 Dec 2012 The IASB, as a consequential amendment to IFRS 13 Fair Value Measurement, modified some of the disclosure requirements in IAS 36 regarding measurement of the recoverable amount of impaired assets. Appendices provide further guidance on specific issues, such as measuring value in use, etc. IAS 36 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. In fact, the Standard was first issued in 1998 and later revised in 2004 and 2008 as part of the International Accounting Standards Board’s (IASB’s) work on It prescribes a number of disclosures. For the requirements reference must be made to International Financial Reporting Standards. IAS 36 Impairment of Assets 2017 - 07 2 An assets value in use is the present value of the future cash flows expected to be derived from an asset or cash generating unit. However, the Board decided in the July 2018 Board meeting not to pursue further the objective of improving the effectiveness of the impairment testing model. The amendments resulted from the IASB’s decision in December 2010 to require additional disclosures about the measurement of impaired … This extract has been prepared by IASC Foundation staff and has not been approved by the IASB. retain the IASC format of the Standard when it was adopted by the IASB. These are the sources and citations used to research International Accounting Standards. IAS 36 also explains how a company should determine fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The IASB, as a consequential amendment to IFRS 13 Fair Value Measurement, modified some of the disclosure requirements in IAS 36 Impairment of Assets regarding measurement of the recoverable amount of impaired assets. Impairment of Assets: a guide to applying IAS 36 in practice i Impairment of Assets International Accounting Standard 36 ‘Impairment of Assets’ (IAS 36, the Standard) is not new. IASB tentatively decided to allow (in future IAS 36 improvements) inclusion of cash flows resulting from a future restructuring or enhancement in value in use calculation to align it with approved budgets and forecasts. Interaction of transition requirements in IFRS 8 and IAS 36 (IFRS 8 and IAS 36) Mar 2007 Identifying cash-generating units in the retail industry (IAS 36) Share. 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