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Amendments to HAS 36 Impairment of Assets Recoverable Amount Disclosures for Financial Assets June Newsletter Issue No. 4×2013 MAIN FEATURES Require additional information about the fair value measurement
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How to fill out hkas 36 impairment of
How to fill out HKAS 36 impairment of:
01
Understand the purpose of HKAS 36: Impairment of Assets is a financial reporting standard that requires entities to assess the carrying amount of their assets and determine if they are impaired. This standard provides guidance on how to assess and recognize impairment losses.
02
Identify the assets: Start by identifying the assets that are subject to impairment assessment. These could include tangible assets such as property, plant, and equipment, intangible assets like patents or goodwill, or financial assets.
03
Determine the recoverable amount: The recoverable amount is the higher of an asset's fair value less costs to sell or its value in use. Fair value can be determined through market prices, while value in use is estimated based on the asset's future cash flows. Perform necessary valuations or assessments to determine the recoverable amount.
04
Compare the carrying amount and recoverable amount: Compare the carrying amount of the asset with its recoverable amount. If the carrying amount exceeds the recoverable amount, then the asset is impaired and an impairment loss needs to be recognized.
05
Calculate the impairment loss: The impairment loss is the amount by which the carrying amount of the asset exceeds its recoverable amount. This loss should be recognized as an expense in the income statement.
06
Review and test for reversals: If an impairment loss was recognized in a previous reporting period, review if there are any conditions that indicate the loss might have reversed. If so, perform tests to determine if the impairment loss needs to be reversed.
Who needs HKAS 36 impairment of:
01
Companies following International Financial Reporting Standards (IFRS): HKAS 36 is part of the IFRS framework for financial reporting. Any company that prepares its financial statements in accordance with IFRS will need to comply with HKAS 36 if it has assets that may be impaired.
02
Companies with significant tangible or intangible assets: Entities that possess significant tangible or intangible assets, such as property, plant, equipment, patents, or goodwill, need to apply HKAS 36 to determine if these assets are impaired and if impairment losses should be recognized.
03
Entities subject to regulatory requirements: Some regulatory bodies or industry-specific authorities may require the adoption of HKAS 36 impairment guidelines. Entities operating in those industries or under specific regulatory frameworks will need to comply with HKAS 36.
In conclusion, filling out HKAS 36 impairment of requires understanding the standard's purpose, identifying the assets to assess, determining the recoverable amount, comparing it with the carrying amount, calculating impairment losses, and reviewing for reversals. Companies following IFRS, having significant assets, and subject to regulatory requirements are among those who need to apply HKAS 36.
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What is hkas 36 impairment of?
HKAS 36 impairment is the impairment of assets.
Who is required to file hkas 36 impairment of?
Companies required to follow HKAS standards are required to file HKAS 36 impairment.
How to fill out hkas 36 impairment of?
To fill out HKAS 36 impairment, companies need to assess the impairment of their assets and recognize any losses.
What is the purpose of hkas 36 impairment of?
The purpose of HKAS 36 impairment is to ensure that assets are not carried at more than their recoverable amount.
What information must be reported on hkas 36 impairment of?
Companies must report on the assessment of impairment and any resulting losses on assets.
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