AASB 136 Impairment of Assets
What is AASB 136 Impairment of Assets?
The Australian adoption of IAS 36: when an entity must test an asset or cash-generating unit for impairment, how recoverable amount is measured as the higher of fair value less disposal costs and value in use (projection basis, excluded cash flows, pre-tax discount rate), how goodwill and corporate assets are allocated and tested, how impairment losses are recognised, allocated within a unit and reversed, and the disclosures about losses, units and the key assumptions and sensitivities behind goodwill tests, with the not-for-profit modifications. It comprises 27 controls organised across 7 domains, and applies in Australia.
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