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Disclosure of Impairment - Coggle Diagram
Disclosure of Impairment
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If the Impairment Loss Recognised or Reversed on an individual asset, including goodwill, is Material, the following additional information is provided:
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- Whether the Recoverable Amount of the asset is its Fair Value LESS Costs of Disposal or its
Value in Use
- The Amount of the Impairment loss recognised or reversed;
- The Basis used to Measure Fair Value LESS Costs of Disposal
for example, whether fair value was measured by reference to a quoted price in an active market for an identical asset
- A Description of the Events and Circumstances that led to the Recognition or Reversal of the Impairment Loss
- If the Recoverable Amount is Fair Value LESS Costs of Disposal
- The discount rate(s) used in the current estimate and previous estimate (if any) of Value in Use, if the Recoverable amount is Value in Use.
If Impairment Losses (or Reversals) are not Significant to a company's Financial Statements, they still need to provide some information.
They also need to explain the main events and circumstances that led to the recognition (or reversal) of these losses
Finally, it is encouraged for the company to disclose the assumptions used to determine the recoverable amount of assets during that period.
A brief description of the types of assets affected by the losses (or gains), for which no other information has been disclosed.