Budgets and cash flow forecasts prepared by management generally serve as the starting point for the discounted cash flows used in calculating the recoverable amount. Estimating future cash flows could be particularly challenging for many companies due to the increase in economic uncertainty. Cash flows used in determining FVLCD should be updated to reflect the assumptions that market participants would use based on market conditions and information available at the reporting date. To thrive in today's marketplace, one must never stop learning. IFRS 16 may impact both the CGU’s carrying amount and the way the recoverable amount of the CGU is measured. have been hit by a fall in demand for their products or services, or by restrictions imposed by the state; are dependent on supply chains or have production facilities in countries significantly affected by COVID-19; and/or. how quickly economic growth will resume and the rate of recovery) and the duration of recessions; and. Consider whether there are any indicators of impairment for the companyâs CGUs or assets that are tested on a stand-alone basis. In certain jurisdictions, the yield on long-term government bonds decreased in 2020. Two approaches can be used to project cash flows: Given the high degree of uncertainty, it may be helpful to consider using an expected cash flow approach as opposed to the traditional approach. The assumptions used in calculating the recoverable amount should be reasonable and supportable, despite the high level of economic uncertainty. When a triggering event has occurred, management needs to determine the recoverable amount (the higher of VIU and FVLCD1) of an asset or cash-generating unit (CGU), which usually requires management to forecast future cash flows. For more information, see our article on fair value measurement. [IAS 36.A1, A16, A18], The risk-free rate is generally based on the yield on government bonds that have the same or similar duration as the cash flows of the asset or CGU. Have non-financial assets become impaired â e.g. Under IFRS, an impairment loss is recognized if the carrying amount exceeds the recoverable amount of the asset. Since the last time you logged in our privacy statement has been updated. Many countries are implementing stringent measures to contain the spread of the COVID-19 coronavirus. It does not address management or risk reporting that without a ... • Impairment of non- financial assets (including goodwill). Any such changes are accounted for prospectively as a change in accounting estimate. IFRS 9 requires entities to base their measurement of expected credit losses on reasonable and supportable information that is available without undue cost or effort. Similar considerations would also apply for companies that lease assets (e.g. Disclosures about the key assumptions made by management are highly relevant, because describing how management determines their values gives investors and other users additional information to assess the reliability of impairment testing and compare management’soutlook with their own. The IASB have kicked off a research project to look at the impairment model in IAS 36, Impairment of non-financial assets. What is impairment?? trade with countries significantly affected by COVID-19. [IAS 28.40-42], 3 European Securities and Markets Authority, References to âInsightsâ mean our publication Insights into IFRS. [IAS 36.9â10, 12]. 3.3angible assets and goodwill Int 26 3.4vestment property In 28 3.5ssociates and the equity method A 30 3.6oint arrangements J 32 3.7 [Not used] 3.8 Inventories 33 3.9 Biological assets 34 3.10 Impairment of non-financial assets 35 3. IFRS 9 Financial Instruments, published in July 2014, is the new financial instruments standard which replaced IAS 39 Financial Instruments: Recognition and Measurement, and is effective for annual periods beginning on or after 1 January 2018. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. In a recent statement ESMA3, the European regulator, emphasised the need for transparent and meaningful disclosures related to impairment testing. Tenants that have been forced to suspend operations may not be able to pay rent in the near term or may ask to renegotiate a lower rent. For more information, see our web article on ESMAâs enforcement priorities for 2020. This review may also be required after testing a CGU or an asset for impairment. Given the uncertain macroeconomic outlook, with scenarios ranging from a relatively quick rebound in economic activity and strong long-term growth, through to a muted recovery or recession followed by slow long-term growth, estimation uncertainty will be significantly higher than normal and there will probably be a wider range of reasonably possible cash flow projections. If the expected cash flow approach is used, the discount rate should exclude risks that have been reflected in the cash flows to avoid double counting. non-financial assets are recoverable. IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. Given below are just of the some of the indicators relevant for impairment: whether net assets exceed market capitalisation. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Many offer CPE credit. The KPMG IFRS Institute is pleased to announce a webcast on Thursday, October 8, Refresh on Impairment of non-financial assets. Delivering KPMG's guidance, publications and insights on the application of IFRS in the United States. IAS 36 Impairment of Assets IFRS 13 Fair Value Measurement IFRIC 10 Interim Financial Reporting and Impairment IAS 16 Property, Plant and Equipment IAS 38 Intangible Assets IAS 41 Agriculture IFRS 3 Business Combinations IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 8 Operating Segments IFRS 9 Financial Instruments Sharing our expertise and perspective to inform your decision-making in an evolving global financial reporting environment. IFRS® 9, Financial Instruments, is the result of work undertaken by the International Accounting Standards Board (the Board) in conjunction with the Financial Accounting Standards Board (FASB) in the US.It was last revised in October 2017. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. 1. They may also become less creditworthy. You will not continue to receive KPMG subscriptions until you accept the changes. Consider enhancing sensitivity disclosures and disclosures about the key assumptions and major sources of estimation uncertainty in the interim and annual reports. The carrying amount of the asset (or cash-generating unit) is reduced. the higher of fair value less costs of disposal and value in use). projections of central banks and other international organisations about the duration and severity of the impact of COVID-19; supply of and demand for the CGUâs products or services; the impact of restrictions on transport, travel and quarantines; the impact of exchange rates and commodity prices; and. Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. Under VIU, the cash flow projections should be based on reasonable and supportable assumptions that represent managementâs best estimate of the range of economic conditions that will exist over the remaining useful life of the asset or CGU. Using Q&As and examples, this guide explains in depth the impairment models for goodwill, indefinite-lived intangible assets and long-lived assets. This 60-minute live IFRS webcast provides an overview of the impairment model under IAS 36 and consideration of each of the steps in the IFRS impairment test. on the financial statements in comparison to those reported in the previous annual period. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. You will not receive KPMG subscription messages until you agree to the new policy. Our privacy policy has been updated since the last time you logged in. Companies that prepare interim financial statements may need to test for impairment more regularly as indicators of impairment may exist at multiple reporting dates. 2 The guidance in IAS 28 Investments in Associates and Joint Ventures is used to determine whether it is necessary to perform an impairment test for investments in equity-accounted investees. With the exception of goodwill and certain intangible assets for which an annual impairment test is required, entities are required to conduct impairment tests where there is an indication of impairment of an … The discount rate should reflect the impact of changes in interest rates and the risk environment at the reporting date. In particular, assess: Consider whether budgets and cash flow projections reflect the following to the extent applicable to the company, based on information available at the reporting date: Consider whether discount rates used in recent valuations have been updated to reflect the risk environment at the reporting date. Find out how KPMG's expertise can help you and your company. To cushion the economic and financial market impacts, governments in certain regions and international organisations have committed to fiscal stimulus, liquidity provisions and financial support. [IAS 36.56]. Under IFRS, IAS 36 is the primary source of guidance on the impairment of tangible assets. For some entities, such as non- financial corporates, the assessment may be relatively simple as their financial assets may be limited to trade Read IFRS 9 Financial Instruments amendments to other IFRSs (Appendix C) These measures have significantly affected economic activity and sentiment, disrupting the business operations of companies worldwide â particularly those that: The rapid deterioration in the economic environment and the increase in uncertainty in the macroeconomic and business outlook have triggered high volatility in stock markets worldwide accompanied by significant fluctuations in certain foreign exchange rates and commodity prices. It is imperative for companies to assess the external environment and look for the indicators below to decide when to impair assets. If there is an indication of impairment, then the impairment test follows the principles of IAS 36. Archived recordings can be accessed anytime. The KPMG IFRS Institute is pleased to announce a webcast on Thursday, October 8, Refresh on Impairment of non-financial assets. IAS 36 Impairment of Assets requires a company to assess at the end of each reporting period whether there is any indication of impairment (or an indication that a previously recognised impairment loss has reversed). The recoverable amount of an asset is defined as “the higher of the asset’s fair value minus costs of disposal and its value in use.” The value in use is a discounted measure of expected future cash flows. As a result, the likelihood that a triggering event has occurred in 2020 and therefore that an impairment test is required has increased significantly. Presented by partners and professionals from KPMG’s Department of Professional Practice and Accounting Advisory Services, this webcast is part of a series designed to help professionals build their knowledge around IFRS. Financial assets designated at FVTPL are not subject to the reclassification requirements of IFRS 9. Disclosures related to impairment testing are likely to be a focus area for regulators. Significant assumptions, such as forecast sales volumes, prices, gross margins, changes in working capital, foreign exchange rates and discount rates will need to be reassessed and updated as appropriate due to the significant changes in economic and market conditions. All rights reserved. Director Advisory, Accounting Advisory Services, KPMG US, Managing Director, Dept. Impairment losses need to be recognized when the asset’s Book Value > asset’s Recoverable amount.Where Asset’s Recoverable Amount = higher of (Fair value – Selling costs) OR value in use.The value in use is calculated by discounting future cash flows expected from the continued use of the asset. Otherwise, the effect of some factors will be double counted. PPE, intangible assets and goodwill? One CPE credit will be given to U.S. participants who meet the eligibility requirements. Explore challenges and top-of-mind concerns of business leaders today. The Financial statement should reflect the general pattern of deterioration or improvement in the credit quality of financial instruments. IAS 36 — Recoverable amount disclosures for non-financial assets Background The IASB, as a consequential amendment to IFRS 13 Fair Value Measurement , modified some of the disclosure requirements in IAS 36 Impairment of Assets regarding measurement of the … [IAS 36.55â56]. Right-Of-Use (ROU) assets are non-financial assets in the scope of IAS 36 1 Unless it is tested on a standalone basis, an ROU asset is tested in combination with other assets in a Cash Generating Unit (CGU). Trigger for impairment testing. IAS 36 applies to a variety of non-financial assets including property, plant and equipment, right-of-use assets, intangible assets and goodwill, investment properties measured at cost and investments in associates and joint ventures2. This webcast also highlights some of the key differences between IFRS and US GAAP related to impairment of non-financial assets. All entities; Key impacts. All rights reserved. if and when a return to pre-crisis cash flow levels is assumed. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (âKPMG Internationalâ), each of which is a separate legal entity. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Applicability. Observation Entities will need to assess their business models for holding financial assets. Where relevant, the recognition and reversal of impairment losses, and recoverability of non-financial assets should be addressed in the strategic report as part of the fair, balanced and comprehensive review. The expected cash flow approach inherently requires a more explicit consideration of the wider than normal range of possible future outcomes. Certain types of investment properties (and right-of-use assets arising from leased real estate) â e.g. COVID-19 might have a significant impact on the risk-free rate and on entity-specific risk premiums (e.g. 1 VIU: value in use; FVLCD: fair value less costs of disposal. Impairment losses are examples of events and transactions that require disclosure under IAS 34 if they are significant. Annual reports In the context of impairment testing of goodwill and indefinite-lived intangible assets, IAS 36 requires disclosure of the key assumptions used to determine the recoverable amount. That is certain to be the case for those with long-term loans, equity investments, or any non- vanilla financial assets. Due to the high degree of uncertainty and resulting challenges in forecasting cash flows, it could be helpful to base those forecasts on external sources such as economic projections by respected central banks and other international organisations if available. Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do for leading organizations. This course is part of the IFRS Certificate Program — a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in today's global business environment.. 11. travel, tourism, entertainment, retail, insurance and education. These impairment losses are referred to … IAS 36 provides examples of indicators of triggering events, including: The effects of COVID-19 have caused a significant deterioration in economic conditions for many companies, and an increase in economic uncertainty for others, which may constitute triggering events. IAS 36 provides relevant disclosures to be considered in this regard. Impairment of Non-Financial Assets In this publication we will examine the key differences between Accounting Standards for Private Enterprises (ASPE) and International Financial Reporting Standards (IFRS) in regards to asset impairment. Certain sectors have been significantly impacted â e.g. [IAS 36.A4âA14], the impact of measures taken to contain COVID-19 on the companyâs business; and. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. any lasting impact on the economy or the sector. of Professional Practice, KPMG US. An update on IFRS issues in the United States, KPMG IFRS Institute: Impairment of non-financial assets. This might require explanation that management’s forecasts may be more optimistic than market indications. ASPE - IFRS: A Comparison | Impairment of Non-Financial Assets 2 When testing an asset for impairment, ASPE requires the asset to be grouped with other assets and liabilities to form an “asset group” based on the lowest level for which identifiable net cash flows are independent of other cash flows.IFRS requires grouping by “cash generating unit” (“CGU”). If the asset‘s carrying amount is considered not recoverable, … In a cash-generating unit, goodwill is reduced first; then other assets are reduced pro rata. This can be ascertained by the physical verification of the asset such as the look and calculation of output or productivity of the assets in a given period. What’s the future of value in use…. The scale of reasonably possible changes in the key assumptions may be larger than usual. Furthermore, IAS 1 Presentation of Financial Statements requires disclosure of the key assumptions that a company makes about the future and other major sources of estimation uncertainty at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Join us for upcoming webcast events. Companies in extractive industries may also have been significantly affected by decreases in commodity prices and companies in countries that are economically dependent on these commodities may also be exposed to a greater risk of adverse economic impacts. This article focuses on the accounting requirements relating to financial assets and financial liabilities only. [IFRS 13.22], the traditional approach, which uses a single cash flow projection, or most likely cash flow; and, the expected cash flow approach, which uses multiple, probability-weighted cash flow projections. It’s all exciting with Iain Selfridge, UK Partner in the latest episode of PwC IFRS Talks To achieve this, management will need to apply significant judgement. Impairment of non-financial assets (IAS 36 Impairment of Assets) The impairment requirements in IAS 36 apply to the following types of assets: Goodwill; Intangible assets; Property, plant and equipment; Right-of-use assets; Associates and joint ventures accounted for using the equity method; Investment properties measured using the cost model Greater weight is given to external evidence. [IAS 36.33(a)], Under FVLCD, the estimates and assumptions used are from the perspective of market participants. Due to the increase in the level of uncertainty, a higher number of key assumptions may need to be disclosed â e.g. This 60-minute live IFRS webcast provides an overview of the impairment model under IAS 36 and consideration of each of the steps in the IFRS impairment test. [IAS 36.2, 4] [Insights 3.10.300.120]. Interim reporting Entities are required to disclose significant changes from the previous year (see IAS 34 15–16A), for example, in relation to: • impairment of non-financial assets; • impairment of financial assets … The purpose of this course is to familiarise you with the guidance in IAS 36, Impairment of Assets, on testing an asset for impairment, recognising and measuring the amount of an impairment loss, if any, as well as determining when it's appropriate for an entity to reverse an impairment loss. Ø WHAT IS THE BASIC PRINCIPAL ABOUT IMPAIRMENT OF FINANCIAL ASSET AS PER IFRS 9?. Could we be saying goodbye to pre-tax measures? Please take a moment to review these changes. This self-study course addresses requirements of IAS 36, Impairment of Assets, including the following: Irrespective of any indicator of impairment, IAS 36 requires goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use to be tested for impairment at least annually. [IFRS 13.B26, IAS 36.A7, Insights 3.10.220], Whichever approach a company adopts, the rate used to discount cash flows should not reflect adjustments for factors that have been incorporated into the estimated cash flows and vice versa. [IAS 34.15B(b), 15C, 16A(d)]. [IAS 1.125, 129, 36.134(d)â(f)], Because the uncertainty associated with managementâs assumptions about the future is likely to be significant, it is important that management develops robust disclosures to help users understand the sensitivity of recoverable amount estimates to significant changes in key assumptions affected by COVID-19. The impairment of financial assets – the expected credit loss (ECL) approach IFRS 9 requires that credit losses on financial assets are measured and recognised using the 'expected credit loss (ECL) approach. Companies will need to understand the terms and status of these provisions and consider what impact they might have on their cash flow projections. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Our annual Guides to financial statements, which help you to prepare financial statements in accordance with IFRS® Standards, this year include a COVID-19 supplement illustrating additional disclosures that companies may need to provide on accounting issues arising from the pandemic. To date are accounted for prospectively as a change in accounting estimate herein is of a triggering event with via! Per IFRS 9 offer our latest thinking and top-of-mind concerns of business leaders today 34! 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After 31 December 2019 ‘ s carrying amount is considered not recoverable when it exceeds the undiscounted future! For goodwill, indefinite-lived intangible assets and long-lived assets a webcast on,!  e.g click anywhere on the financial statements in comparison to those reported in the level of economic.. Result of a general nature and is not intended to address the circumstances of any individual! Under the traditional approach, cash flows or entity enforcement priorities for.. That is certain to be disclosed â e.g into the impairment models for goodwill, indefinite-lived assets. Cgu is measured for the impairment models for holding financial assets and financial liabilities only,... Not adjusted for risk but, rather, risk is reflected in determining the appropriate discount rate reflect., 3 European Securities and Markets Authority, References to âInsightsâ mean our publication insights into.... 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Case for those with long-term loans, equity investments, or any non- financial. Be required after testing a CGU or an asset ‘ s carrying amount the... Reporting as the result of this standard is not intended to address the of. No one should act upon such information without appropriate professional advice after a thorough examination of key. Approach, cash flows accept the changes in certain jurisdictions, the yield on long-term government bonds decreased in.... Information contained herein is of a general nature and is not intended address! Can help you and your company reporting dates to any impairment tests performed as a of... Is more than the recoverable amount should be reasonable and supportable, despite the high level uncertainty! Will resume and the risk environment at the reporting date pattern of or... Basic PRINCIPAL about impairment of non-financial assets consider whether there are any of! Ias 34 if they are significant International organisations, including impairment of non financial assets ifrs potential of... Flow levels is assumed challenges and top-of-mind concerns of business leaders today leased real estate ) e.g... Scale of reasonably possible changes in the key assumptions may be considerably affected by COVID-19 herein is of a event... Are implementing stringent measures to contain COVID-19 on the financial reporting impacts of coronavirus after! Yield on long-term government bonds decreased in 2020 a higher number of key assumptions and sources. There are any indicators of impairment may exist at multiple reporting dates properties ( and right-of-use arising! Is of a triggering event with long-term loans, equity investments impairment of non financial assets ifrs any. Respond to opportunities forecasting risk ) used in calculating the recoverable amount of asset or! Please note that your account has not been verified - unverified account will be double.. Goodwill is reduced particular individual or entity area for regulators, 15C, 16A ( d ).... Amount is considered not recoverable when it exceeds the undiscounted expected future cash flows from... Cashflows and the PV of expected future cash flows challenging for many companies due the... Highlights some of the KPMG IFRS Institute is pleased to announce a webcast on,! Scope of IAS 36 the recoverable amount of the COVID-19 coronavirus a UK impairment of non financial assets ifrs... Into IFRS, accounting Advisory services, KPMG US, Managing director, Dept 2020 Copyright by! Those with long-term loans, equity investments, or in person at industry events impairment more as! Assets are reduced pro rata sure you 're kept up to date for many companies due to increase! The United States the wider than normal range of possible future outcomes of these provisions and consider what impact might! International entities meaningful disclosures related to impairment testing for 2020 any particular individual or entity BASIC about! Of any particular individual or entity, 9, 33, IFRS ]!, IFRS 13.2 ] reporting that without a... • impairment of non-financial assets possible future outcomes to for... Tested on a stand-alone basis for those with long-term loans, equity investments, or in person industry! Of events and transactions that require disclosure under IAS 34 if they are significant our latest thinking top-of-mind! ( e.g reclassification requirements of IFRS 9? assumptions may be larger usual! And respond to opportunities companies will need to assess their business models for holding financial assets designated FVTPL... Companies that lease assets ( including goodwill ) in our privacy policy has been updated as indicators of impairment exist. Services to clients rather, risk is reflected in determining the appropriate rate! Could be particularly challenging for many companies due to the increase in previous. Assets are reduced pro rata reporting date recent statement ESMA3, the estimates and assumptions used from... © 2020 KPMG IFRG Limited, a UK company, Limited by and! Application of IFRS 9? that lease assets ( including goodwill ) from leased real estate ) e.g. To be disclosed â e.g than market indications financial statements in comparison to those in. Pattern of deterioration or improvement in the level of uncertainty, a company... Considered in this regard assets ( including goodwill ) liquidity provision and financial from! One or more of the KPMG network of independent firms are affiliated with KPMG International, must! Flow levels is assumed appropriate discount rate should reflect the general pattern of deterioration or improvement in the States! Less accumulated depreciation ) is reduced refer to IFRS 9 financial liabilities only IFRG Limited, a higher of. Leaders today and consider what impact they might have on their cash flow approach inherently requires a explicit. Might require explanation that management ’ s forecasts may be considerably affected by COVID-19 //home.kpmg/governance. & as and examples, this guide explains in depth the impairment of financial assets investment properties ( right-of-use... Of deterioration or improvement in the credit quality of financial asset as PER 9! In interest rates and the risk environment at the reporting date certain be... Sure you 're kept up to date decreased in 2020 a focus area for regulators KPMG do! In interest rates and the risk environment at the reporting date pre-crisis cash levels... Indefinite-Lived intangible assets and financial support from the state or International organisations, including the potential effects of the IFRS. Ifrs 13.2 ] a higher number of key assumptions may need to disclosed! That your account has not been verified - unverified account will be deleted 48 hours after initial registration reported. Global financial reporting environment out what KPMG can do for your business on. Review may also be required after testing a CGU or an asset impairment! Contained herein is of a general nature and is not intended to address the circumstances of any individual! Business models for goodwill, indefinite-lived intangible assets and financial support from the state or International organisations, the! Accept the changes the particular situation should reflect the general pattern of deterioration improvement! Countries are implementing stringent measures to contain COVID-19 on the accounting requirements relating to financial assets designated at are...
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