THE INTERNATIONAL standard setter is to modify the accounting rules governing the impairment of assets (IAS 36).
The IASB last week published an exposure draft to set out proposed changes to the disclosure requirements – introduced by IFRS 13 – for the measurement of the recoverable amount of impaired assets.
According to the IASB, some of the amendments made to IAS 36 resulted in the requirement being more broadly applicable than the IASB intended.
In particular, the IASB had originally intended that the amendment would require an entity to disclose the recoverable amount of an asset (including goodwill) for which an impairment loss was recognised or reversed during the reporting period.
“Instead, an entity is now required to disclose the recoverable amount of each cash-generating unit for which the carrying amount of goodwill or intangible assets with indefinite useful lives allocated to that unit is significant when compared to the entity’s total carrying amount of goodwill or intangible assets with indefinite useful lives,” the IASB said.
The exposure draft is open for comment until 19 March.
The FRC's new disciplinary regime for public interest entities could see could see more frequent enforcement on more minor matters, write Taylor Wessing's Andrew Howell and Stephen Flaherty
Pell admits he was “a bit surprised” by the letter but believed the audit would re-start after a number of issues have been resolved
ICAEW warns of "worrying degree of confusion" over FRS 101
National Audit Office report critical of Department for Education's financial statements, amid huge expansion of academies across England