Get the free Module 27Impairment of Assets

IFRS for SMEs Standard (2015) + Q&AsIFRS FoundationSupporting Material for the IFRS for SMEs StandardModule 27Impairment of AssetsIFRS Foundation Supporting Material for the IFRS for SMEs Standard

How to fill out module 27impairment of assets

How to fill out module 27impairment of assets

1. Gather relevant financial data and documents related to the assets.
2. Identify the assets that may be impaired.
3. Assess the carrying amount of each asset in relation to its recoverable amount.
4. Determine the indicators of impairment for the identified assets.
5. Calculate any impairment loss if the carrying amount exceeds the recoverable amount.
6. Document the calculations and rationale for finding impairment.
7. Complete the module by entering the impairment loss in the designated fields.
8. Review the entries for accuracy and consistency with financial statements.

Who needs module 27impairment of assets?

1. Financial analysts responsible for asset management.
2. Accountants preparing financial statements.
3. Auditors conducting asset impairment reviews.
4. Management stakeholders making decisions based on asset valuations.
5. Regulatory bodies requiring financial compliance and reporting.

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What is module 27impairment of assets?

Module 27 impairment of assets refers to the accounting framework that outlines how to assess and report the loss in value of assets due to various factors such as market conditions or obsolescence.

Who is required to file module 27impairment of assets?

Organizations and companies that hold tangible or intangible assets and are required to comply with financial reporting standards must file module 27 impairment of assets.

How to fill out module 27impairment of assets?

To fill out module 27 impairment of assets, one must evaluate the carrying amount of the asset, determine the recoverable amount, and provide necessary documentation supporting the impairment assessment.

What is the purpose of module 27impairment of assets?

The purpose of module 27 impairment of assets is to ensure that assets are not carried at more than their recoverable amount, providing a true and fair view of an organization's financial position.

What information must be reported on module 27impairment of assets?

Information to be reported includes the nature of the asset, the reasons for impairment, the amount of impairment loss recognized, and details regarding the recoverable amount calculation.