ias36 - IAS 36 International Accounting Standard 36...

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IAS 36 © IASCF A753 International Accounting Standard 36 Impairment of Assets This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 36 Impairment of Assets was issued by the International Accounting Standards Committee in June 1998. It replaced requirements for assessing the recoverability of an asset and recognising impairment losses that were included in IAS 16 Property, Plant and Equipment , IAS 22 Business Combinations , IAS 28 Accounting for Investments in Associates and IAS 31 Financial Reporting of Interests in Joint Ventures . Limited amendments were made in 1999, 2000 and January 2001. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. IAS 36 was subsequently amended by the following IFRSs: •I A S 8 Accounting Policies, Changes in Accounting Estimates and Errors (issued December 2003) A S 1 6 Property, Plant and Equipment (as revised in December 2003) A S 2 1 The Effects of Changes in Foreign Exchange Rates (as revised in December 2003) IAS 39 Financial Instruments: Recognition and Measurement (as revised in December 2003). In March 2004 the IASB issued a revised IAS 36. This, together with its accompanying documents, has been amended by the following IFRSs: F R S 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) F R S 8 Operating Segments (issued November 2006) * A S 1 Presentation of Financial Statements (as revised in September 2007) * F R S 3 Business Combinations (as revised in January 2008) Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) (issued May 2008) * Improvements to IFRSs (issued May 2008) * Improvements to IFRSs (issued April 2009) § F R S 9 Financial Instruments (issued November 2009). ø * effective date 1 January 2009 effective date 1 July 2009 § effective date 1 January 2010 ø effective date 1 January 2013 (earlier application permitted)
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IAS 36 A754 © IASCF The following Interpretations refer to IAS 36: SIC-32 Intangible Assets—Web Site Costs (issued March 2002 and subsequently amended) •I F R I C 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (issued May 2004) F R I C 1 0 Interim Financial Reporting and Impairment (issued July 2006) F R I C 1 2 Service Concession Arrangements (issued November 2006 and subsequently amended).
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IAS 36 © IASCF A755 C ONTENTS paragraphs INTRODUCTION IN1–IN18 INTERNATIONAL ACCOUNTING STANDARD 36 IMPAIRMENT OF ASSETS OBJECTIVE 1 SCOPE 2–5 DEFINITIONS 6 IDENTIFYING AN ASSET THAT MAY BE IMPAIRED 7–17 MEASURING RECOVERABLE AMOUNT 18–57 Measuring the recoverable amount of an intangible asset with an indefinite useful life 24 Fair value less costs to sell 25–29 Value in use 30–57 Basis for estimates of future cash flows 33–38 Composition of estimates of future cash flows 39–53 Foreign currency future cash flows 54 Discount rate 55–57 RECOGNISING AND MEASURING AN IMPAIRMENT LOSS 58–64
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This note was uploaded on 02/26/2011 for the course ACCOUNTING 310 taught by Professor Cruz during the Spring '11 term at Xavier - Ateneo de Cagayan.

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ias36 - IAS 36 International Accounting Standard 36...

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