IAS 36 Impairment of Assets Explained (applies in 2025) + FREE Practical Checklist

Summary

Silvia from CPDbox provides an insightful presentation on IAS 36, focusing on the impairment of assets and its implications for businesses starting in 2025. The video outlines the key concepts, practical steps for implementing the standard, and offers a free checklist to ensure compliance. Silvia articulates the process of identifying impaired assets and calculating their recoverable amount, making complex accounting standards approachable and easy to grasp.

Highlights

• Silvia breaks down the process of impairment testing in a straightforward manner 📊.
• The comprehensive checklist ensures compliance with IAS 36 🛡️.
• Insightful tips on how to prepare for the standard’s 2025 implementation date 📅.
• Key focus on calculating an asset's recoverable amount accurately 🔢.
• Silvia's teaching style makes the accounting standard easy to understand 📚.

Key Takeaways

• IAS 36 focuses on identifying and managing asset impairments 📉.
• The standard comes into effect in 2025, so early preparation is key 📆.
• A free checklist is provided to help with compliance 📝.
• Understanding the recoverable amount of an asset is crucial for businesses 🔍.
• Silvia simplifies the complex material with ease and clarity 😃.

Overview

Silvia from CPDbox dives into the complexities of IAS 36, aiming to demystify the impairment of assets for accountants and businesses alike. With the standard set to apply in 2025, Silvia offers a head start with practical tips and a free checklist. Her engaging style ensures that viewers can grasp the essentials without getting overwhelmed by technical jargon.

As Silvia explains, IAS 36 requires businesses to regularly review their assets for signs of impairment. If an asset appears impaired, businesses must calculate its recoverable amount to determine if any write-downs are necessary. Silvia emphasizes the importance of these calculations in maintaining fair and accurate financial statements.

To aid in implementation, Silvia provides a free practical checklist, designed to guide businesses through compliance with IAS 36. Her clear explanations and logical approach make this video an invaluable resource for accountants looking to stay ahead of the curve as the 2025 deadline approaches.

Chapters

• 00:00 - 00:30: Introduction to IAS 36 IAS 36, or Impairment of Assets, outlines the procedures that an entity should apply to ensure that its assets are not carried at more than their recoverable amount, which is the higher of fair value less costs to sell and value in use.

IAS 36 Impairment of Assets Explained (applies in 2025) + FREE Practical Checklist Transcription

• 00:00 - 00:30