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.