BDO issues updated IFRS in Practice on impairment of assets – includes guidance on the impact of COVID-19

BDO has released its most up to date guidance on IAS 36 Impairment of Assets. The recent effects of COVID-19 have highlighted the amount of complexity that may arise as entities apply IAS 36 to test for impairment on their property, plant and equipment, leased assets, goodwill and intangibles. The IFRS in Practice provides an in-depth explanation of IAS 36, with numerous worked examples. This update also includes guidance on how IAS 36 should be applied to leased assets that have arisen due to the adoption of IFRS 16.

Although this publication is aimed at entities applying International Financial Reporting Standards (and in New Zealand, New Zealand equivalents to International Reporting Standards or the New Zealand equivalents to International Reporting Standards Reduced Disclosure Regime) the guidance therein can be equally applied by Public Benefit Entities applying the Public Benefit Entity Standards or the Public Benefit Entity Standards Reduced Disclosure Regime.

Access a copy of our updated IFRS in Practice here.

For more on the above, please contact your local BDO representative.