For reporting periods ending on or after 31 January 2020, the effects of the COVID-19 would need to be incorporated into the preparation of financial statements. The financial reporting implications will depend on the facts and circumstances of each entity. The following are some of the financial reporting considerations that entities and engagement teams need … Continue reading Effects of the COVID-19 on 2020 Reporting Periods
Category: C3 – IAS 36
IAS 36 – Impairment of assets
The basic principle of IAS 36 Impairment of assets is that an asset should be carried at no more than its recoverable amount. The recoverable amount is the amount to be recovered through use or sale of the asset. Therefore, the recoverable amount is defined as the higher of: The asset's fair value less costs … Continue reading IAS 36 – Impairment of assets