Disclosure of Impairment Test for Objectives- myassignmenthelp

Question: Discuss about theDisclosure of Impairment Test for Purpose and Objectives. Answer: Introduction With the increasing ramification of economic changes and complex reporting frameworks, all the listed companies implement impairment test on its assets to identify the true and fair view of their assets. It is evaluated that IAS-136 is the international accounting standard which is followed by organization to implement impairment test on its business functioning. International financial reporting authority has implemented IAS-136 to strengthen the transparency of its assets value by following effective level of disclosure of impairment loss. It is determined that the disclosure of impairment loss is more extensive when the impairment loss is deducted from the goodwill. The main disclosure requirement is related to deducing the impairment loss from the goodwill and implementing proper level of impairment test. With the help of this impairment test implemented by companies may showcase the true and fair view of assets (Dagwell, Wines, and Lambert, 2011). This impairment test should be implemented by following all the rules and regulations of IAS-136 to identify the true value of assets. However, the main problem in impairment test arise when organization find difficulty finding the market value of assets. The accounting principles permit revaluation of assets of company on periodic basis to determine the value of assets in books. However, disclosure of impairment loss become cumbersome when these computed impairment loss is deducted from the goodwill and other cash generating units of organization. Impairment Test disclosure Purpose and Objectives The main objective of implementing impairment test is to identify and evaluate whether the assets shown in the books of accounts are reflecting true and fair view of assets. There are several organizations who had been cheating with their stakeholders by falsifying the wrong value of assets in their balance sheet (AASB 136, 2009). Therefore, disclosure of impairment test may strengthen the faire view of assets and reporting frameworks as per the international financial reporting standards. Ideally, impairment loss disclosure should be done on periodic basis and it could also be done by company whenever these companies feel to impair their assets. (Dagwell, Wines, and Lambert, 2011). This disclosure of impairment test may increase the fair value of its assets (Dagwell, Wines, and Lambert, 2011). It is evaluated that while implementing impairment test, company needs to find out the market value of its assets and amount of assets shown in the books of accounts. This level of differences between market value and books of accounts of assets of company is undertaken through the impairment test. If company could implement proper level of IAS-136 then it will increase the overall reporting frameworks in determined approach (Ernst Young LLP, 2015). If carrying amount of organization is low as compared to books value of assets shown in the books of accounts then it will result to impairment loss and should be disclosed in the books of accounts of company on periodic basis (AASB 136, 2009). The disclosure requirements for the implemented impairment test are given as below As per the provisions of AASB 136, all the assets should be tested for impairment individual basis. Extensive disclosure is required to be made by organization whenever impairment loss is recognized in books of accounts of company (AASB 136, 2009). In addition to this, when these impairment test is related to charging impairment loss from goodwill and case of cash generating units, this process become cumbersome. It is evaluated that in case of identifying, disclosing and measurement of impairment loss for individual assets, the net realizable value of the assets on individual basis should be charged from profit and loss and reporting of same should be done in the notes to accounts of company (AASB 136, 2009). IN case of recognize and measurement of impairment loss for individual assets, impairment loss is occurred when the market value of assets is less than the market value of assets shown in the books of accounts of company. In this case, it is observed that if company could easily identify the true and fair view of assets and found any impairment loss then that loss firstly be deducted from the goodwill and then from other cash generating units (AASB 136, 2009). Disclosure requirement of impairment loss The AASB 136 has stated that there is extensive disclosure requirement in respect of impairment test and recognized impairment loss (AASB 136, 2009). It has shown that amount of impairments recognized and reversed and circumstances are the main cause for disclosing the impairment loss. The disclosure of impairment test must be done for the valuation method which company has used, sensitivity analysis implemented key assumptions taken by organization. This sensitivity analysis is used by organization to determine the key value of assets and possible changing factors which are considered by organization for identifying the impairment loss. In addition to this, all the impairment loss arise should be shown in the notes to accounts and appendix attached for the same while reporting financial statement (AASB 136, 2009). Key assumption disclosure while implementing impairment test It is observed that at the time of impairment test companys needs to showcase all the details and assumptions taken by company while impairing all of the assets of organization. However, key assumptions such as discounted rate, present value factors, and valuation methods used by company and following rules and IFRS standards must be disclosed in the notes to accounts of company (AASB 136, 2009). Conclusion It is observed that impairment test should be implemented to recognize and measurement of Impairment loss assets. If company could make complete level of disclosure in its books of accounts then it will help in strengthen the transparency of impairment test on determined approach, Now in the end, it could be inferred that disclosure of impairment test and all the details and assumptions taken by company while impairing all of the assets of organization is imperative for the transparency of its reporting frameworks. Computation of impairment loss for individual assets of Gali Ltd A. Carrying amount of cash generating unit including goodwill Amount ($) Plant 974000 Equipment 224000 Fittings 141000 Inventory 61000 Goodwill 51000 Total 1451000 B. Recoverable amount 1298000 C. Impairment Loss (A-B) 153000 S. No. Account Titles Debit Credit 1 Impairment Loss 153000 Goodwill 51,000.00 Plant (note below) 37098 Equipment (102000/ 1339000)*224000 39830.27 Fittings ((102000/ 1339000)*141000 25072 Inventory Nil (Being impairment loss recognized) 2 Profit and Loss 102000 Impairment Loss 102000 (Being impairment loss charged to profit and loss account) Impairment on plant individually ( 974000 - 936902 ) 37098 Impairment loss on plant cannot be allocated more than $18196 References AASB 136. 2009. Impairment of Assets. [Online]. Available at: https://www.aasb.gov.au/admin/file/content102/c3/AASB136_07-04_ERDRjun10_07-09.pdf [Accessed on: 21st September 2017]. Dagwell, R. Wines, G., and Lambert, C. 2011. Corporate Accounting in Australia. Pearson Higher Education AU. Ernst Young LLP. 2015. International GAAP 2016: Generally Accepted Accounting Principles under International Financial Reporting Standards. John Wiley Sons.

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