Corporate Accounting: Detailed Analysis of Impairment Guidelines
VerifiedAdded on 2021/06/17
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AI Summary
This report provides a comprehensive overview of corporate accounting, specifically focusing on asset impairment guidelines. It begins with an introduction to impairment, defining key concepts such as recoverable amount and fair value. The discussion section delves into the examination of impairment, covering assets like goodwill and indefinite-lived intangible assets. It explains the role of cash-generating units (CGUs) in impairment testing, including the allocation of goodwill to CGUs and the determination of recoverable amounts. The report also addresses the impact of IFRS 8 and IAS 36, including amendments made by the International Accounting Standards Board (IASB). It also explores the allocation of impairment loss to distinct assets within a CGU, and the impact of IFRS 3 on impairment losses when dealing with goodwill. The report concludes by summarizing the key aspects of impairment testing, including the consideration of goodwill and the effect of non-controlling interests (NCI).
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