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IASB may modify asset impairment rules


Exposure draft open for comment until March 19

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Accounting rules governing the impairment of assets (IAS 36) may be modified by the International Accounting Standards Board (IASB).

In an exposure draft published last week, the international accounting standard setter set out proposed changes for Recoverable Amount Disclosures for Non-Financial Assets, first introduced by IFRS 13. The draft is open for comment until 19 March.

The IASB said it 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 fiscal 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," it explained.

Hence, industry comments are currently being sought.

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IASB may modify asset impairment rules
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