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IFRS and Fixed Assets

Posted @ May 26, 2013, 8:50 pm under (Fixed Assets Verification)

 

Impairment of Intangible Fixed Assets
 
Impairment requirements under IFRS are more stringent than many local GAAPs, with goodwill being tested annually for impairment. Any intangible assets with in-definitive lives are also tested annually for impairment. The disclosures in relation to impairment are extensive due to the number and sensitivity of estimates and assumptions used by the management as the basis for their review.
 
Through our fixed assets management services organisations can reduce the time pressure during the year end process, by producing pro-forma financial statements in advance, to enable management to deal with the more complex disclosures earlier in the reporting process. Some key measurement process can be addressed in advance.
 
First time adoption of IFRS generally requires an entity to comply with each IFRS effective at the reporting date of its first IFRS financial statements. Previous local GAAP revaluations of Property, Plant and Equipment may be treated as deemed cost at revaluation date. The entity may also re-measure an item of Property, Plant and Equipment at fair value at the transition date and use that fair value as its deemed 

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