Disclosure

              An entity shall disclose the following for each class of assets:

the amount of impairment losses recognised in profit or loss during

the period and the line item(s) of the statement of comprehensive income in which those impairment losses are included.

the amount of reversals of impairment losses recognised in profit

or loss during the period and the line item(s) of the statement of comprehensive income in which those impairment losses are reversed.

the amount of impairment losses on revalued assets recognised in

other comprehensive income during the period.

the amount of reversals of impairment losses on revalued assets recognised in other comprehensive income during the period.

A class of assets is a grouping of assets of similar nature and use in an entity's operations.

The information required in paragraph 126 may be presented with other information disclosed for the class of assets. For example, this information may be included in a reconciliation of the carrying amount of property, plant and equipment, at the beginning and end of the period, as required by IAS 16.

An entity that reports segment information in accordance with IFRS 8

shall disclose the following for each reportable segment:

         the amount of impairment losses recognised in profit or loss and

in other comprehensive income during the period.

          the amount of reversals of impairment losses recognised in profit

or loss and in other comprehensive income during the period.

              An entity shall disclose the following for an individual asset (including

goodwill) or a cash-generating unit, for which an impairment loss has

been recognised or reversed during the period:

          the events and circumstances that led to the recognition or

reversal of the impairment loss.

          the amount of the impairment loss recognised or reversed.

          for an individual asset:

         the nature of the asset; and

         if the entity reports segment information in accordance

with IFRS 8, the reportable segment to which the asset belongs.

          for a cash-generating unit:

a description of the cash-generating unit (such as whether it is a product line, a plant, a business operation, a geographical area, or a reportable segment as defined in

IFRS 8);

the amount of the impairment loss recognised or reversed by class of assets and, if the entity reports segment information in accordance with IFRS 8, by reportable

segment; and

if the aggregation of assets for identifying the cash-generating unit has changed since the previous estimate of the cash-generating unit's recoverable amount (if any), a description of the current and former way of aggregating assets and the reasons for changing the way the cash-generating unit is identified.

          the recoverable amount of the asset (cash-generating unit) and

whether the recoverable amount of the asset (cash-generating unit) is its fair value less costs of disposal or its value in use.

         if the recoverable amount is fair value less costs of disposal, the

entity shall disclose the following information:

the level of the fair value hierarchy (see IFRS 13) within which the fair value measurement of the asset (cash-generating unit) is categorised in its entirety (without taking into account whether the 'costs of disposal' are

observable);

for fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, a description of the valuation technique(s) used to measure fair value less costs of disposal. If there has been a change in valuation technique, the entity shall disclose that change and the

reason(s) for making it; and

for fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, each key assumption on which management has based its determination of fair value less costs of disposal. Key assumptions are those to which the asset's (cash-generating unit's) recoverable amount is most sensitive. The entity shall also disclose the discount rate(s) used in the current measurement and previous measurement if fair value less costs of disposal is measured using a present value technique.

         if recoverable amount is value in use, the discount rate(s) used in

the current estimate and previous estimate (if any) of value in use.

              An entity shall disclose the following information for the aggregate

impairment losses and the aggregate reversals of impairment losses recognised during the period for which no information is disclosed in

accordance with paragraph 130:

         the main classes of assets affected by impairment losses and the

main classes of assets affected by reversals of impairment losses.

         the main events and circumstances that led to the recognition of

these impairment losses and reversals of impairment losses.

An entity is encouraged to disclose assumptions used to determine the recoverable amount of assets (cash-generating units) during the period. However, paragraph 134 requires an entity to disclose information about the estimates used to measure the recoverable amount of a cash-generating unit when goodwill or an intangible asset with an indefinite useful life is included in the carrying amount of that unit.

If, in accordance with paragraph 84, any portion of the goodwill acquired in a business combination during the period has not been allocated to a cash-generating unit (group of units) at the end of the reporting period, the amount of the unallocated goodwill shall be disclosed together with the reasons why that amount remains unallocated.

Estimates used to measure recoverable amounts of

cash-generating units containing goodwill or intangible assets with indefinite useful lives

An entity shall disclose the information required by (a)-(f) for each

cash-generating unit (group of units) for which the carrying amount of goodwill or intangible assets with indefinite useful lives allocated to that unit (group of units) is significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful

lives:

the carrying amount of goodwill allocated to the unit (group of

units).

the carrying amount of intangible assets with indefinite useful

lives allocated to the unit (group of units).

the basis on which the unit's (group of units') recoverable amount

has been determined (ie value in use or fair value less costs of disposal).

if the unit's (group of units') recoverable amount is based on value

in use:

each key assumption on which management has based its cash flow projections for the period covered by the most recent budgets/forecasts. Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive.

a description of management's approach to determining the value(s) assigned to each key assumption, whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information.

the period over which management has projected cash

flows based on financial budgets/forecasts approved by management and, when a period greater than five years is used for a cash-generating unit (group of units), an explanation of why that longer period is justified.

the growth rate used to extrapolate cash flow projections

beyond the period covered by the most recent budgets/forecasts, and the justification for using any growth rate that exceeds the long-term average growth rate for the products, industries, or country or countries in which the entity operates, or for the market to which the unit (group of units) is dedicated.

the discount rate(s) applied to the cash flow projections.

          if the unit's (group of units') recoverable amount is based on fair

value less costs of disposal, the valuation technique(s) used to measure fair value less costs of disposal. An entity is not required to provide the disclosures required by IFRS 13. If fair value less

costs of disposal is not measured using a quoted price for an

identical unit (group of units), an entity shall disclose the

following information:

each key assumption on which management has based its

determination of fair value less costs of disposal. Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive.

a description of management's approach to determining

the value (or values) assigned to each key assumption, whether those values reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information.

the level of the fair value hierarchy (see IFRS 13) within

which the fair value measurement is categorised in its entirety (without giving regard to the observability of 'costs of disposal').

if there has been a change in valuation technique, the change and the reason(s) for making it.

If fair value less costs of disposal is measured using discounted

cash flow projections, an entity shall disclose the following

information:

         the period over which management has projected cash

flows.

         the growth rate used to extrapolate cash flow projections.

         the discount rate(s) applied to the cash flow projections.

         if a reasonably possible change in a key assumption on which

management has based its determination of the unit's (group of units') recoverable amount would cause the unit's (group of units')

carrying amount to exceed its recoverable amount:

the amount by which the unit's (group of units') recoverable

amount exceeds its carrying amount.

the value assigned to the key assumption.

the amount by which the value assigned to the key assumption must change, after incorporating any consequential effects of that change on the other variables used to measure recoverable amount, in order for the unit's (group of units') recoverable amount to be equal to its carrying amount.

If some or all of the carrying amount of goodwill or intangible assets with indefinite useful lives is allocated across multiple cash-generating units (groups of units), and the amount so allocated to each unit (group of units) is not significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful lives, that

fact shall be disclosed, together with the aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to those units (groups of units). In addition, if the recoverable amounts of any of those units (groups of units) are based on the same key assumption(s) and the aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to them is significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful lives, an entity shall

disclose that fact, together with:

the aggregate carrying amount of goodwill allocated to those units

(groups of units).

the aggregate carrying amount of intangible assets with indefinite

useful lives allocated to those units (groups of units).

a description of the key assumption(s).

a description of management's approach to determining the value(s) assigned to the key assumption(s), whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they

differ from past experience or external sources of information.

if a reasonably possible change in the key assumption(s) would cause the aggregate of the units' (groups of units') carrying

amounts to exceed the aggregate of their recoverable amounts:

the amount by which the aggregate of the units' (groups of units') recoverable amounts exceeds the aggregate of their carrying amounts.

the value(s) assigned to the key assumption(s).

the amount by which the value(s) assigned to the key assumption(s) must change, after incorporating any consequential effects of the change on the other variables used to measure recoverable amount, in order for the aggregate of the units' (groups of units') recoverable amounts to be equal to the aggregate of their carrying amounts.

The most recent detailed calculation made in a preceding period of the recoverable amount of a cash-generating unit (group of units) may, in accordance with paragraph 24 or 99, be carried forward and used in the impairment test for that unit (group of units) in the current period provided specified criteria are met. When this is the case, the information for that unit (group of units) that is incorporated into the disclosures required by paragraphs 134 and 135 relate to the carried forward calculation of recoverable amount.

Illustrative Example 9 illustrates the disclosures required by paragraphs 134 and 135.

Transition provisions and effective date

              [Deleted]

              An entity shall apply this Standard:

         to goodwill and intangible assets acquired in business combinations for

which the agreement date is on or after 31 March 2004; and

         to all other assets prospectively from the beginning of the first annual

period beginning on or after 31 March 2004.

Entities to which paragraph 139 applies are encouraged to apply the requirements of this Standard before the effective dates specified in paragraph 139. However, if an entity applies this Standard before those effective dates, it also shall apply IFRS 3 and IAS 38 (as revised in 2004) at the same time.

IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 61, 120, 126 and 129. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.

IFRS 3 (as revised in 2008) amended paragraphs 65, 81, 85 and 139, deleted paragraphs 91-95 and 138 and added Appendix C. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.

Paragraph 134(e) was amended by Improvements to IFRSsissued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.

Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IAS 27), issued in May 2008, added paragraph 12(h). An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the related amendments in paragraphs 4 and 38A of IAS 27 for an earlier period, it shall apply the amendment in paragraph 12(h) at the same time.

Improvements to IFRSs issued in April 2009 amended paragraph 80(b). An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.

[Deleted]

[Deleted]

IFRS 10 and IFRS 11, issued in May 2011, amended paragraph 4, the heading above paragraph 12(h) and paragraph 12(h). An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.

IFRS 13, issued in May 2011, amended paragraphs 5, 6, 12, 20, 22, 28, 78, 105, 111, 130 and 134, deleted paragraphs 25-27 and added paragraph 53A. An entity shall apply those amendments when it applies IFRS 13.

In May 2013 paragraphs 130 and 134 and the heading above paragraph 138 were amended. An entity shall apply those amendments retrospectively for annual periods beginning on or after 1 January 2014. Earlier application is permitted. An entity shall not apply those amendments in periods (including comparative periods) in which it does not also apply IFRS 13.

IFRS 9, as amended in November 2013, amended paragraphs 2(e) and 5 and deleted paragraphs 140F and 140G. An entity shall apply those amendments when it applies IFRS 9 as amended in November 2013.

Withdrawal of IAS 36 (issued 1998)

              This Standard supersedes IAS 36 Impairment of Assets (issued in 1998).

Appendix A

Using present value techniques to measure value in use

This appendix is an integral part of the Standard. It provides guidance on the use of present value techniques in measuring value in use. Although the guidance uses the term 'asset', it equally applies to a group of assets forming a cash-generating unit.

The components of a present value measurement

              The following elements together capture the economic differences between

assets:

an estimate of the future cash flow, or in more complex cases, series of

future cash flows the entity expects to derive from the asset;

expectations about possible variations in the amount or timing of those

cash flows;

the time value of money, represented by the current market risk-free rate

of interest;

the price for bearing the uncertainty inherent in the asset; and

other, sometimes unidentifiable, factors (such as illiquidity) that market

participants would reflect in pricing the future cash flows the entity expects to derive from the asset.

This appendix contrasts two approaches to computing present value, either of which may be used to estimate the value in use of an asset, depending on the circumstances. Under the 'traditional' approach, adjustments for factors (b)-(e) described in paragraph A1 are embedded in the discount rate. Under the 'expected cash flow' approach, factors (b), (d) and (e) cause adjustments in arriving at risk-adjusted expected cash flows. Whichever approach an entity adopts to reflect expectations about possible variations in the amount or timing of future cash flows, the result should be to reflect the expected present value of the future cash flows, ie the weighted average of all possible outcomes.

General principles

The techniques used to estimate future cash flows and interest rates will vary

from one situation to another depending on the circumstances surrounding the asset in question. However, the following general principles govern any

application of present value techniques in measuring assets:

         interest rates used to discount cash flows should reflect assumptions that

are consistent with those inherent in the estimated cash flows. Otherwise, the effect of some assumptions will be double-counted or ignored. For example, a discount rate of 12 per cent might be applied to

contractual cash flows of a loan receivable.                  That rate reflects

expectations about future defaults from loans with particular characteristics. That same 12 per cent rate should not be used to discount expected cash flows because those cash flows already reflect assumptions about future defaults.

estimated cash flows and discount rates should be free from both bias and factors unrelated to the asset in question. For example, deliberately understating estimated net cash flows to enhance the apparent future profitability of an asset introduces a bias into the measurement.

estimated cash flows or discount rates should reflect the range of possible outcomes rather than a single most likely, minimum or maximum possible amount.

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