This Standard shall be applied in accounting for the impairment of all
assets, other than:
inventories (see IAS 2 Inventories);
assets arising from construction contracts (see IAS 11 Construction
Contracts);
deferred tax assets (see IAS 12 Income Taxes);
assets arising from employee benefits (see IAS 19 Employee
Benefits);
financial assets that are within the scope of IFRS 9 Financial
Instruments;
investment property that is measured at fair value (see IAS 40
Investment Property);
biological assets related to agricultural activity that are measured
at fair value less costs to sell (see IAS 41 Agriculture);
deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the
scope of IFRS 4 Insurance Contracts; and
non-current assets (or disposal groups) classified as held for sale in
accordance with IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations.
This Standard does not apply to inventories, assets arising from construction
contracts, deferred tax assets, assets arising from employee benefits, or assets classified as held for sale (or included in a disposal group that is classified as held for sale) because existing IFRSs applicable to these assets contain requirements for recognising and measuring these assets.
This Standard applies to financial assets classified as:
subsidiaries, as defined in IFRS 10 Consolidated Financial Statements;
associates, as defined in IAS 28 Investments in Associates and Joint Ventures;
and
joint ventures, as defined in IFRS 11 Joint Arrangements.
For impairment of other financial assets, refer to IAS 39.
This Standard does not apply to financial assets within the scope of IFRS 9,
investment property measured at fair value within the scope of IAS 40, or biological assets related to agricultural activity measured at fair value less costs to sell within the scope of IAS 41. However, this Standard applies to assets that are carried at revalued amount (ie fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses) in accordance with other IFRSs, such as the revaluation model in IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets. The only
difference between an asset's fair value and its fair value less costs of disposal is the direct incremental costs attributable to the disposal of the asset.
Definitions
If the disposal costs are negligible, the recoverable amount of the
revalued asset is necessarily close to, or greater than, its revalued amount. In this case, after the revaluation requirements have been applied, it is unlikely that the revalued asset is impaired and recoverable amount need not be estimated.
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If the disposal costs are not negligible, the fair value less costs of disposal of the revalued asset is necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is less than its revalued amount. In this case, after the revaluation requirements have been applied, an entity applies this Standard to determine whether the asset may be impaired.
The following terms are used in this Standard with the meanings
specified:
Carrying amount is the amount at which an asset is recognised after
deducting any accumulated depreciation (amortisation) and accumulated impairment losses thereon.
A cash-generating unit is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Corporate assets are assets other than goodwill that contribute to the
future cash flows of both the cash-generating unit under review and other cash-generating units.
Costs of disposal are incremental costs directly attributable to the
disposal of an asset or cash-generating unit, excluding finance costs and income tax expense.
Depreciable amount is the cost of an asset, or other amount substituted
for cost in the financial statements, less its residual value.
Depreciation (Amortisation) is the systematic allocation of the
depreciable amount of an asset over its useful life.2
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants
at the measurement date. (See IFRS 13 Fair Value Measurement.)
An impairment loss is the amount by which the carrying amount of an
asset or a cash-generating unit exceeds its recoverable amount.
The recoverable amount of an asset or a cash-generating unit is the
higher of its fair value less costs of disposal and its value in use.
Useful life is either:
the period of time over which an asset is expected to be used by the
entity; or
the number of production or similar units expected to be obtained
from the asset by the entity.
Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.
Identifying an asset that may be impaired
Paragraphs 8-17 specify when recoverable amount shall be determined. These
requirements use the term 'an asset' but apply equally to an individual asset or a
cash-generating unit. The remainder of this Standard is structured as follows:
paragraphs 18-57 set out the requirements for measuring recoverable
amount. These requirements also use the term 'an asset' but apply equally to an individual asset and a cash-generating unit.
paragraphs 58-108 set out the requirements for recognising and
measuring impairment losses. Recognition and measurement of
impairment losses for individual assets other than goodwill are dealt with in paragraphs 58-64. Paragraphs 65-108 deal with the recognition and measurement of impairment losses for cash-generating units and goodwill.
paragraphs 109-116 set out the requirements for reversing an
impairment loss recognised in prior periods for an asset or a cash-generating unit. Again, these requirements use the term 'an asset' but apply equally to an individual asset or a cash-generating unit. Additional requirements for an individual asset are set out in paragraphs 117-121, for a cash-generating unit in paragraphs 122 and 123, and for goodwill in paragraphs 124 and 125.
paragraphs 126-133 specify the information to be disclosed about
impairment losses and reversals of impairment losses for assets and cash-generating units. Paragraphs 134-137 specify additional disclosure
In the case of an intangible asset, the term 'amortisation' is generally used instead of 'depreciation'.
The two terms have the same meaning.
requirements for cash-generating units to which goodwill or intangible assets with indefinite useful lives have been allocated for impairment testing purposes.
An asset is impaired when its carrying amount exceeds its recoverable amount. Paragraphs 12-14 describe some indications that an impairment loss may have occurred. If any of those indications is present, an entity is required to make a formal estimate of recoverable amount. Except as described in paragraph 10, this Standard does not require an entity to make a formal estimate of
recoverable amount if no indication of an impairment loss is present.
An entity shall assess at the end of each reporting period whether there is any indication that an asset may be impaired. If any such indication
exists, the entity shall estimate the recoverable amount of the asset.
Irrespective of whether there is any indication of impairment, an entity
shall also:
test an intangible asset with an indefinite useful life or an intangible asset not yet available for use for impairment annually by comparing its carrying amount with its recoverable amount. This impairment test may be performed at any time during an annual period, provided it is performed at the same time every year. Different intangible assets may be tested for impairment at different times. However, if such an intangible asset was initially recognised during the current annual period, that intangible asset shall be tested for impairment before the end of the current annual period.
test goodwill acquired in a business combination for impairment annually in accordance with paragraphs 80-99.
The ability of an intangible asset to generate sufficient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. Therefore, this Standard requires an entity to test for impairment, at least annually, the carrying amount of an intangible asset that is not yet available for use.
In assessing whether there is any indication that an asset may be
impaired, an entity shall consider, as a minimum, the following
indications:
External sources of information
there are observable indications that the asset's value has declined during the period significantly more than would be expected as a result of the passage of time or normal use.
significant changes with an adverse effect on the entity have taken
place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which an asset is dedicated.
market interest rates or other market rates of return on
investments have increased during the period, and those increases are likely to affect the discount rate used in calculating an asset's value in use and decrease the asset's recoverable amount materially.
the carrying amount of the net assets of the entity is more than its
market capitalisation.
Internal sources of information
evidence is available of obsolescence or physical damage of an
asset.
significant changes with an adverse effect on the entity have taken
place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, an asset is used
or is expected to be used. These changes include the asset
becoming idle, plans to discontinue or restructure the operation to which an asset belongs, plans to dispose of an asset before the previously expected date, and reassessing the useful life of an asset
as finite rather than indefinite.3
evidence is available from internal reporting that indicates that
the economic performance of an asset is, or will be, worse than expected.
Dividend from a subsidiary, joint venture or associate
for an investment in a subsidiary, joint venture or associate, the
investor recognises a dividend from the investment and evidence is
available that:
the carrying amount of the investment in the separate financial statements exceeds the carrying amounts in the consolidated financial statements of the investee's net
assets, including associated goodwill; or
the dividend exceeds the total comprehensive income of the
subsidiary, joint venture or associate in the period the dividend is declared.
The list in paragraph 12 is not exhaustive. An entity may identify other indications that an asset may be impaired and these would also require the entity to determine the asset's recoverable amount or, in the case of goodwill, perform an impairment test in accordance with paragraphs 80-99.
Evidence from internal reporting that indicates that an asset may be impaired
includes the existence of:
cash flows for acquiring the asset, or subsequent cash needs for
operating or maintaining it, that are significantly higher than those
originally budgeted;
Once an asset meets the criteria to be classified as held for sale (or is included in a disposal group
that is classified as held for sale), it is excluded from the scope of this Standard and is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
actual net cash flows or operating profit or loss flowing from the asset
that are significantly worse than those budgeted;
a significant decline in budgeted net cash flows or operating profit, or a
significant increase in budgeted loss, flowing from the asset; or
operating losses or net cash outflows for the asset, when current period
amounts are aggregated with budgeted amounts for the future.
As indicated in paragraph 10, this Standard requires an intangible asset with an indefinite useful life or not yet available for use and goodwill to be tested for impairment, at least annually. Apart from when the requirements in paragraph 10 apply, the concept of materiality applies in identifying whether the recoverable amount of an asset needs to be estimated. For example, if previous calculations show that an asset's recoverable amount is significantly greater than its carrying amount, the entity need not re-estimate the asset's recoverable amount if no events have occurred that would eliminate that difference. Similarly, previous analysis may show that an asset's recoverable amount is not sensitive to one (or more) of the indications listed in paragraph 12.
As an illustration of paragraph 15, if market interest rates or other market rates of return on investments have increased during the period, an entity is not required to make a formal estimate of an asset's recoverable amount in the
following cases:
if the discount rate used in calculating the asset's value in use is unlikely
to be affected by the increase in these market rates. For example, increases in short-term interest rates may not have a material effect on the discount rate used for an asset that has a long remaining useful life.
if the discount rate used in calculating the asset's value in use is likely to be affected by the increase in these market rates but previous sensitivity
analysis of recoverable amount shows that:
it is unlikely that there will be a material decrease in recoverable
amount because future cash flows are also likely to increase (eg in some cases, an entity may be able to demonstrate that it adjusts
its revenues to compensate for any increase in market rates); or
the decrease in recoverable amount is unlikely to result in a
material impairment loss.
If there is an indication that an asset may be impaired, this may indicate that the remaining useful life, the depreciation (amortisation) method or the residual value for the asset needs to be reviewed and adjusted in accordance with the Standard applicable to the asset, even if no impairment loss is recognised for the asset.
Measuring recoverable amount
This Standard defines recoverable amount as the higher of an asset's or
cash-generating unit's fair value less costs of disposal and its value in use.
Paragraphs 19-57 set out the requirements for measuring recoverable amount. These requirements use the term 'an asset' but apply equally to an individual asset or a cash-generating unit.
It is not always necessary to determine both an asset's fair value less costs of disposal and its value in use. If either of these amounts exceeds the asset's carrying amount, the asset is not impaired and it is not necessary to estimate the other amount.
It may be possible to measure fair value less costs of disposal, even if there is not a quoted price in an active market for an identical asset. However, sometimes it will not be possible to measure fair value less costs of disposal because there is no basis for making a reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. In this case, the entity may use the asset's value in use as its recoverable amount.
If there is no reason to believe that an asset's value in use materially exceeds its fair value less costs of disposal, the asset's fair value less costs of disposal may be used as its recoverable amount. This will often be the case for an asset that is held for disposal. This is because the value in use of an asset held for disposal will consist mainly of the net disposal proceeds, as the future cash flows from continuing use of the asset until its disposal are likely to be negligible.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined for the cash-generating unit to which the asset belongs (see paragraphs 65-103),
unless either:
the asset's fair value less costs of disposal is higher than its carrying
amount; or
the asset's value in use can be estimated to be close to its fair value less
costs of disposal and fair value less costs of disposal can be measured.
In some cases, estimates, averages and computational short cuts may provide reasonable approximations of the detailed computations illustrated in this
Standard for determining fair value less costs of disposal or value in use.
Measuring the recoverable amount of an intangible asset
with an indefinite useful life
Paragraph 10 requires an intangible asset with an indefinite useful life to be
tested for impairment annually by comparing its carrying amount with its recoverable amount, irrespective of whether there is any indication that it may be impaired. However, the most recent detailed calculation of such an asset's recoverable amount made in a preceding period may be used in the impairment test for that asset in the current period, provided all of the following criteria are
met:
if the intangible asset does not generate cash inflows from continuing
use that are largely independent of those from other assets or groups of assets and is therefore tested for impairment as part of the
cash-generating unit to which it belongs, the assets and liabilities making up that unit have not changed significantly since the most
recent recoverable amount calculation;
the most recent recoverable amount calculation resulted in an amount
that exceeded the asset's carrying amount by a substantial margin; and
based on an analysis of events that have occurred and circumstances that
have changed since the most recent recoverable amount calculation, the likelihood that a current recoverable amount determination would be less than the asset's carrying amount is remote.
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