AASB 136 Impairment of Assets for Risk Managers
What does AASB 136 Impairment of Assets require of a Risk Manager?
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. Under AASB 136 Impairment of Assets, which defines 27 controls, a Risk Manager's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which AASB 136 Impairment of Assets controls land on the Risk Manager
Risk Managers identify, assess, and prioritise organisational risks. They build risk registers, conduct risk assessments, define risk appetite, and ensure that compliance frameworks address the most material threats to the organisation.
AASB 136 Impairment of Assets defines 27 controls across 7 domains that directly affect the Risk Manager role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Risk Manager is accountable for under AASB 136 Impairment of Assets
Conducting enterprise risk assessments and maintaining the risk register
Defining risk appetite and tolerance levels with executive leadership
Mapping compliance controls to identified risks for coverage analysis
Monitoring key risk indicators (KRIs) and escalating emerging threats
Integrating compliance, operational, and strategic risk management
Where Risk Managers lose time on AASB 136 Impairment of Assets
These are the most common obstacles Risk Managers face when managing AASB 136 Impairment of Assets compliance, and how to address them:
Challenge 1
Quantifying cyber risk in financial terms that resonate with executives
Challenge 2
Identifying gaps between compliance control coverage and actual risk exposure
Challenge 3
Integrating risk data from siloed tools and departments
Challenge 4
Keeping risk assessments current as the threat landscape evolves
Challenge 5
Prioritising remediation when resources are limited
A working order for a Risk Manager starting on AASB 136 Impairment of Assets
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against AASB 136 Impairment of Assets. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map AASB 136 Impairment of Assets controls against other frameworks you already comply with. Identify overlapping controls to reduce duplicate effort.
3. Build Your Toolkit
Equip yourself with AASB 136 Impairment of Assets toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Risk Managers managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
AASB 136 Impairment of Assets in your sector
Who else owns part of AASB 136 Impairment of Assets
Questions Risk Managers ask about AASB 136 Impairment of Assets
What does a Risk Manager need to know about AASB 136 Impairment of Assets?
How does AASB 136 Impairment of Assets affect the Risk Manager role?
What are the biggest AASB 136 Impairment of Assets challenges for Risk Managers?
How should a Risk Manager prepare for a AASB 136 Impairment of Assets audit?
What tools help Risk Managers manage AASB 136 Impairment of Assets compliance?
Risk Manager: How ready is your organisation for AASB 136 Impairment of Assets?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.