Impairment Disclosures in Financial Reporting in Australian Corporate Sector

WOOLSWORTH LIMITED
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IMPAIRMENT DISCLOSURES IN
FINANCIAL REPORTING IN
ASUSTRALIAN CORPORATE
SECTOR
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Table of Contents
EXECUTIVE SUMMARY...................................................................................................................3
INTRODUCTION.....................................................................................................................................4
IMAPIRMENT MADE BY COMPANY........................................................................................................5
COMPLEXITIES AND ISSUES INVOLVED IN TESTING OF IMPAIRMENT...................................................8
MEETING OF DISCLOSURE REQUIREMENT BY ANNUAL REPORT AS PER AASB 136...............................9
ASSOCIATION OF IMAPIRMENT WITH OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING.....10
CONCLUSION AND RECOMMENDATION.............................................................................................10
REFERENCES........................................................................................................................................11
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EXECUTIVE SUMMARY
Financial Reporting is the base for every decision making. Proper and Full disclosures are
required to have good financial reporting for any corporate. Annual reports containing
financial information along with disclosures in relation to policies, procedures of the
company is one of the best ways to present financial reports. This statement has been
prepared to assess the financial reporting disclosers in Australian corporate in relation to
assets and their impairment specifically so that the objective of financial reporting can be
assessed. Woolworths Limited, an Australian company has been selected for the preparation
of this statement and annual report for the period ending 30th June 2017 has been selected for
framing and assessing financial reporting disclosures by the company.
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