Publications

Companies House is introducing mandatory identity verification requirements for Directors and People with Significant Control (PSCs), as the next step towards full implementation of the Economic Crime and Corporate Transparency Act 2023.

IAS 36 ‘Impairment of Assets’ sets out the requirements entities should follow prior to concluding if an asset should be written down in the financial statements (ie impaired). However, due to the complex nature of the standard, the requirements of IAS 36 can be challenging to apply in practice.

IAS 36 ‘Impairment of Assets’ prescribes the accounting for impairment reviews. There are some detailed requirements of IAS 36 that are complex and challenging for the preparers of financial statements to apply.

IAS 36 ‘Impairment of Assets’ provides the guidance for carrying out impairment reviews of assets (both tangible and intangible). IAS 36 is not a new Standard, and while many of its requirements have been extensively commented on, IAS 36’s guidance is detailed, prescriptive and complex in some areas, and therefore frequently challenging to apply in practice.

IAS 36 ‘Impairment of Assets’ prescribes the accounting for impairment reviews. While the guidance in this area has not changed in recent years, it still remains a challenging area to apply by preparers of financial statements.