Assessing impairment for 30 June is increasingly challenging, as economic uncertainty, rising costs, higher discount rates, and shifting demand increase the likelihood of impairment indicators under AASB 136 / IAS 36 Impairment of Assets.
Impairment remains a key focus area for ASIC, with increased surveillance, reviews, and enforcement activity highlighting deficiencies in audit responses.
Determining whether assets are impaired – and designing an appropriate audit response – is highly judgmental and continues to challenge audit teams.
This session addresses how audit teams should approach impairment assessments and how to evidence their conclusions.
This session will:
- Explain key regulator concerns around timely and appropriate impairment assessments
- Explain the audit procedures expected in higher-risk impairment areas
- Show how to effectively challenge and test management’s cash-flow forecasts, assumptions, and discount rates, and
- Identify the documentation expectations and how to support conclusions on file.
