During this CPE session, we will explore the essentials of IAS 36 'Impairment of Assets' through a financial reporting lens.
This session delves into the core principle of IAS 36: when upon an impairment test, it is ascertained that an asset’s recoverable amount falls below its carrying amount, a reduction to the recoverable amount is mandated.
The recoverable amount is determined as the higher of fair value less disposal costs and value in use.
Targeted specifically at assets within IAS 36’s scope, the impairment test is triggered by indicators of impairment (except that, for intangible assets with an indefinite useful life, intangible assets not yet ready for use and goodwill, an annual impairment test is required).
In addition to delving further into the above fundamentals, during this CPE session we will also look into the intricacies of ‘cash generating units’, by means of both theoretical and practical considerations.
The Speaker
Paul Zammit is a financial reporting specialist at NM Group. Paul graduated in accounting at the University of Malta in 2008. Paul started his career in auditing, and switched to accountancy in 2012. Since 2017, Paul has specialised in financial reporting (IFRS and GAPSME).
During the last seven years, Paul has been involved in several financial reporting advisory engagements and has also accumulated significant experience in lecturing financial reporting papers (including ACCA and ACA).