Introduction ; Identifying assets that may be impaired; Identifying cash-generating units; Impairment assessment of goodwill; Measuring recoverable amount: ‘fair value less costs of … The reporting framework in Singapore that deals with the disclosure of goodwill accounting treatment is prescribed under FRS 36 Impairment of Assets. Effective for annual periods beginning on or after 1 Jan 2017. We combine our extensive knowledge of this sector with an in-depth understanding of your goals and vision, so we can help you to achieve them in the... Impairment Implications of COVID-19 (IAS Impairment of Assets), Original content provided by BDO International, Technology, Life Sciences, Media & Entertainment, Telecommunications. Financial Reporting Standards. Practice Statements. Financial assets are classified according to their contractual cash flow characteristics and the Volume B - UK Reporting - FRS 102 Model annual report and financial statements for UK unlisted groups - FRS 102. • Nevertheless, FRS 109 includes a rebuttable Programme Outline Introduction In recent years, manufacturers have developed their position to cope with the threats from low cost emerging countries and they now aspire to provide excellent service, supported by extensive R&D and innovation. Heightened scrutiny. Increasing competition. By using this site you agree to our use of cookies. Earlier … To gain a better understanding of the characteristics of the goodwill reporting regime, developing an understanding of the level of compliance and quality disclosures related to determining the recoverable amount of the CGUs are matters of … 20 Journal of Law and Financial Mangement - Volume 7, No.1 Khairi Under the new standards, there are three significant impacts on the treatment of goodwill. Singapore Illustrative Financial Statements Year ended 31 December 2017 . Impairment is calculated as the expected loss over the next 12 months for the existing financial assets. This preview shows page 1 - 6 out of 46 pages. Speed, responsiveness and flexibility can be make-or-break for a company at any stage of its lifecycle, especially when moving into new territories. For further resources on applying the requirements of IAS 36 and other IFRSs, please refer to BDO resources such as IFRS In Practice publications and online training, which are available on BDO’s IFRS Reporting Hub . UK Accounting Standards. View Notes - Impairment of Assets FRS 136 from BUSINESS 78 at Asia Pacific University of Technology and Innovation. This workshop covers FRS 36 Impairment of Assets (including identifying indicators of impairment, understanding valuation approaches, applying commonly used valuation methods, preparing supportable forecasts and estimating an appropriate discount rate) and FRS 109 Financial Instruments, specifically measuring impairment under the ECL model for trade receivables, contract assets and lease receivables. S214 FRS 36 IMPAIRMENT OF ASSETS OUTLINE FRS 36 Impairment of Assets - View S214 Impairment of Assets (Facilitator) - AY revised 2017 (V3).pptx from ACC MISC at National University of Singapore. Programme Outline . (b) to all other assets, for annual periods beginning on or after 1 January 2005. IAS 36, 'Impairment of assets' and FRS 102 Section 27. 2. In this Standard, paragraphs with a prefix ‘IFRS’ refer to effective date, transition provisions and/or, other text that are extracted from IFRSs. BDO is the brand name for the BDO network and for each of the BDO Member Firms. Unless it is tested on a standalone basis, an ROU asset is tested in combination with other assets in a Cash Generating Unit (CGU). Our best-in-class people utilise the resources and global footprint of our cross-border network to give you key audit, tax, and... Just as technology rapidly evolves, so too does the sector. We focus our full suite of core services on the needs of... Changing regulations. IAS 36 also applies to groups of assets that do not generate cash flows individually (known as cash-generating units). Financial Reporting IMPAIRMENT OF ASSETS (FRS 136) LEARNING OUTCOMES At the end of BDO’s consumer business expertise combines the retail, tourism, leisure and hospitality industries.The retail and wholesale sector have been at the heart of BDO's client base for many years. Accounting Standards . There are more than 40 Financial Reporting Standards (FRS) issued in Singapore. Although it … In contrast under FRS 11 the impairment loss was set against intangibles first and then finally against other assets on a pro-rata basis. Section 27 makes it clear that impairment losses should be recognised in the profit and loss account unless it relates to a revalued asset, in which case it will go to the revaluation reserve first. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset should be reduced to its recoverable amount. Firstly, goodwill acquired in … The entity must reduce the carrying amount of the asset to its recoverable amount, and recognise an impairment loss. The first volume of SFRS(I)s contains the equivalent of the consolidated text of International Financial, Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) at. This workshop covers FRS 36 Impairment of Assets (including identifying indicators of impairment, understanding valuation approaches, applying commonly used valuation methods, preparing supportable forecasts and estimating an appropriate discount rate) and FRS 109 Financial Instruments (specifically the ECL impairment model). The purpose of this article is to discuss the appropriateness of the above provision of IAS 36. By NG ENG JUAN. treatment under FRS 36, Impairment of Assets in Singapore was effective from 1 July 2004. For further resources on applying the requirements of IAS 36 and other IFRSs, please refer to BDO resources such as IFRS In Practice publications and online training, which are available on BDO’s IFRS Reporting Hub. IAS 36, Impairment of Assets IFRS 9, Financial Instruments Goodwill; Intangible assets; debt instruments classified at fair value through Property, plant and equipment; Right-of-use assets; Associates and joint ventures accounted for under the equity method; Investment properties not measured at fair value; and Costs to obtain or fulfil a contract recognised in accordance with IFRS 15, … policies in the absence of explicit guidance. IFRS 16 and IAS 36 how changes in lease accounting will impact your impairment testing processes. Practice Statements. We enable you to meet the many challenges of international expansion, avoiding the hazards while seizing those short-lived opportunities. Course Hero is not sponsored or endorsed by any college or university. Impairment of Assets.pdf - SINGAPORE FINANCIAL REPORTING STANDARDS(INTERNATIONAL SFRS(I 1-36 Impairment of Assets This Standard is applicable for annual, This Standard is applicable for annual reporting period beginning on, SINGAPORE FINANCIAL REPORTING STANDARD (INTERNATIONAL) 1-36, IDENTIFYING AN ASSET THAT MAY BE IMPAIRED, Measuring the recoverable amount of an intangible asset with an, RECOGNISING AND MEASURING AN IMPAIRMENT LOSS, Identifying the cash-generating unit to which an asset belongs, Recoverable amount and carrying amount of a cash-generating unit, Impairment loss for a cash-generating unit, Reversing an impairment loss for an individual asset, Reversing an impairment loss for a cash-generating unit, Reversing an impairment loss for goodwill, Estimates used to measure recoverable amounts of cash-generating units, containing goodwill or intangible assets with indefinite useful lives, Using present value techniques to measure value in use, Impairment testing cash-generating units with goodwill and non-, NON-MANDATORY IFRS TEXT EXCLUDED FROM SFRS(I) 1-36, Singapore Financial Reporting Standard (International) 1-36, C. 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