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. 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. IAS 36 also explains how a company should determine fair value less costs to sell. Background. The best guide is the price in a binding sale agreement, in an arm's length transaction adjusted for costs of disposal. 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. Website. 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). This extract has been prepared by IASC Foundation staff and has not been approved by the IASB. 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. Appendices provide further guidance on specific issues, such as measuring value in use, etc. 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. These are the sources and citations used to research International Accounting Standards. 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. IFRS - About the IFRS Foundation and the IASB 2015. However, one of the amendments potentially resulted in the disclosure requirements being broader than originally intended. 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 … 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 retain the IASC format of the Standard when it was adopted by the IASB. IAS 36 deals also with reversals of impairment loss for individual assets as well as for CGU. The amendments resulted from the IASB’s decision in December 2010 to require additional disclosures about the measurement of impaired … It prescribes a number of disclosures. 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 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. This bibliography was generated on Cite This For Me ... IAS 36: Impairment Of Assets | Accounting ... 2015]. 10. 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. 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