Completed
Date

Tuesday 28 April 2020

Time

12:00 pm

Duration

1.5 CPD hours

Session Topic

Impairment lessons that are not being learned

Impairment of non-financial assets regularly tops ASIC’s list of financial-reporting focus areas.  It is the major cause of corporate restatements.  ASIC’s financial-statements surveillance program has described the issues in AASB 136 Impairment of Assets, noting where preparers have mis-applied its requirements.  This session will:

  • Identify areas where preparers have struggled with impairment compliance
  • Provide examples of impairment disclosures that have triggered an ASIC enquiry
  • Describe the key requirements of AASB 136 that need to be considered at the reporting date, and
  • Lessons to be learnt from ASIC’s audit-inspection program on the audit of asset values.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients. Carmen is the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.