IAS 36: Impairment of Assets Review

 

By Derek Reynolds FCCA, BA HRM , on behalf of the CPA Examinations Team for Professional Level Financial Reporting, March 2024


Among the various accounting standards that govern financial reporting, IAS 36 Impairment of Assets stands out as a critical guideline. This standard helps to ensure that assets are fairly presented on the statement of financial position, reflecting their true economic value. In  this article Derek Reynolds explains IAS 36 Impairment of Assets and provides a worked example.