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1000 word short essay about the following:
At 30 June 2014, Long reach Ltd is considering undertaking an impairment test. Having only recently adopted the international accounting standards, the management of Long reach Ltd seeks your advice in relation to this test under AASB 136 /impairment of Assets.
Write a report to management, specifically explaining:
- The purpose of the impairment test
- How the existence of goodwill will affect the impairment test
- The basic steps to be followed in applying the impairment test.
Answer: (Please note, this is only a part of the answer and not the entire answer itself)
Report on Impairment of Assets When the recoverable value of an asset is less than the carrying value then the asset is considered as impaired. Based on the accounting principle of prudence or conservatism it is important that the entity should provide for all possible losses but ignore any possible gains. Therefore, the assets that are impaired have to be recorded on their recoverable mount in the financial statements of the entity. The difference between the carrying amount of an asset and recoverable amount is the impairment loss.
The impairment test is conducted to ensure that the assets are not overstated in the financial statements of the entity. If the impairment test is not conducted some of the assets might remain restated in the books that would lead to overstated net worth of the company. Therefore, to ensure that the books of accounts reflect true and fair position the impairment test is conducted on the assets.
The impairment test is conducted on the assets whose value might fall with the passage of time like the fixed assets, intangible assets. It is not conducted on the assets that are generally carried on their fair value or have other accounting standards for governing their carrying value like inventories, deferred tax assets and the assets held for sale
The assets are carried at historical costs less accumulated depreciation or amortization based upon the principle of accountancy. However, in some instances the value of the assets decrease in greater proportion as compared to their depreciation rate. Therefore, the impairment test is conducted to ensure that these assets are carried on their recoverable amount.
Paragraph 10 of AASB 136 states that the entity shall:-
- Test annually for the impairment of the intangible assets with indefinite lives. The test can be conducted at any time during the year provided that it is conducted at the same time every year. Different intangible assets may have different timings during which the impairment test is performed on them. However, in the case of initial recognition of an intangible asset it is important that the asset is tested for impairment before the end of the financial year (AASB, 2009).
- Also conduct annual impairment test on goodwill that has been acquired as a result of business combination (AASB, 2009). Paragraph 11 states that the risk of uncertainty to generate future economic benefits for an intangible asset is higher if it is not available for use. Therefore, the impairment test has to be performed annually on the intangible asset that is not available for use.
Impairment Test Steps In order to perform impairment test on an asset it is important that there is an indication of impairment of the asset. The indicators are classified into two groups- internal and external (Holmes, 2008).
The internal sources include:-
- Obsolescence or any physical damage to the asset,
- Significant events that have place and adverse impact on the use of the asset have taken place or are expected in near future like the asset becoming idle,
- There are evidences which indicate that the economic performance of the asset is not able to meet the expected levels.
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