Summarise the disclosure requirements for impairment of non-financial assets as per AASB

Summarise the disclosure requirements for impairment of non-financial assets as per AASB

Expert Solution

Disclosure requirements by class of assets-

1) Impairment losses recognized in profit or loss

2) Impairment looses reversed in profit or loss

3) Impairment losses on revalued assets recognized in other comprehensive income

4) Impairment losses on revalued assets reversed in other comprehensive income

Disclosures by reportable segment-

1) Impairment losses recognized

2) Impairment losses reversed

Following are some of the other disclosures if an individual Impairment loss (reversal) is material-

1) Events or circumstances leading to such impairment loss or reversal, the amount of loss or reversal and the individual asset as well as its nature and segment to which it relates

2) Cash generating unit (CGU) : its description and the amount of Impairment loss (reversal) by class of assets and segment

3) Information regarding the discount rate used for computing the recoverable amount using the technique of present value.

4) Information in respect of the estimates used for measuring the recoverable amounts of cash generating units comprising of Goodwill or intangible assets having indefinite useful lives.

ekkarill92 answered 2 years ago

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