This article discusses the reversal of impairment loss for goodwill and its treatment in the profit and loss account of a firm. It also covers the mandatory requirements for impairment loss reversal under AASB 136 and the impact of goodwill acquisition on impairment testing of cash generating unit.

Learn about goodwill impairment reversal, AASB 136 requirements, and the impact of goodwill acquisition on cash generating unit testing.

Corporate Accounting and Reporting - Desklib

Corporate Accounting and Reporting

Corporate Accounting and Reporting (pdf)

Corporate Accounting and Reporting: Doc

This document discusses the nature of reserves and impairment loss of goodwill in accounting and financial reporting. It explains the methods that organisations have to adopt to ensure that assets are carried at amounts, which do not exceed their recoverable amounts. It also discusses the transfer of reserves and the accounts where reserves could be transferred. The document includes references and is suitable for students studying accounting and finance.

Finance

Accounting and Financial Reporting

This assignment delves into the complex world of impairment accounting for non-current assets. It examines the conceptual framework surrounding asset impairment under both International Financial Reporting Standards (IFRS) and Australian Accounting Standards Board (AASB). The focus is on understanding revaluation models, the process of recognizing and measuring impairment losses, and the disclosure requirements mandated by these standards.  The assignment also discusses practical examples and scenarios to illustrate the application of these principles.

Impairment of Non-Current Assets

The assignment content discusses corporate accounting and reporting, specifically the impairment loss of cash generating units excluding goodwill. It outlines the Accounting Standard 136 (AASB 136) which recognises and measures the impairment loss of non-financial assets not covered under other AASB standards. The standard specifies methods for performing impairment tests, timing of conducting indication tests, and combination of assets under test. It also prescribes methods for reporting losses of impairment in financial reports, reversal conditions of impairment losses, and disclosure requirements.

Corporate Accounting and Reporting: Impairment Loss of Cash Generating Units

Report

This assignment delves into the accounting treatment of goodwill impairment as per International Accounting Standard (IAS) 36. It explains how impairments are recognized and measured, highlighting that while impairments on other assets can be reversed if circumstances improve, this is not possible for goodwill. The rationale behind this prohibition is discussed, emphasizing the distinction between purchased goodwill and internally generated goodwill, which cannot be recognized as an asset.

Corporate Accounting and Reporting

Corporate Accounting and Reporting (pdf)lg...

Corporate Accounting and Reporting: Doclg...

Accounting and Financial Reportinglg...

Impairment of Non-Current Assetslg...

Corporate Accounting and Reporting: Impairment Loss of Cash Generating Unitslg...

Goodwill Impairment and Reversallg...

Corporate Accounting and Reporting (pdf)

Corporate Accounting and Reporting: Doc

Accounting and Financial Reporting

Impairment of Non-Current Assets

Corporate Accounting and Reporting: Impairment Loss of Cash Generating Units

Goodwill Impairment and Reversal