IAS 36 How Impairment test

IAS 36 How Impairment test is all about this – When looking at the step-by-step IAS 36 impairment approach it comes down to the following broadly organised steps: IAS 36 How Impairment test

  • What?? – Determining the scope and structure of the impairment review, explained here,
  • If and when? – Determining if and when a quantitative impairment test is necessary, explained here,
  • IAS 36 How Impairment test or understanding the mechanics of the impairment test and how to recognise or reverse any impairment loss, if necessary. Which is explained in this section…

The objective of IAS 36 Impairment of assets is to outline the procedures that an entity applies to ensure that its assets’ carrying values are not … Read more

Contingent liability

A contingent liability is a possible obligation that potentially arises from past events out of control of the entity or obligations not probable/measurable

Liabilities and assets for current tax

Liabilities and assets for current tax - Current tax for the current and prior periods should be recognised as a liability to the extent that it is not paid

Events after the reporting date

Events after the reporting date Those events, both favourable and unfavourable, that occur between the reporting date and the FS authorisation to issue date

Monetary items

Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency cash.

Non-current asset

A non-current asset is an asset that is not expected to turn to cash within one year of date shown on a company's statement of financial position

Notes to the financial statements

Notes to the financial statements that contain information in addition to the statement of financial position, of financial performance, of changes in equity

Income tax

Income tax - by law, but with a lot of different perks dependent on the country one pays its taxes, businesses and individuals must file income tax returns