IPSASB Issues Impairment of Revalued Assets
Jul 28, 2016 | English
The International Public Sector Accounting Standards Board® has published Impairment of Revalued Assets (Amendments to IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets), which brings property, plant, and equipment and intangible assets on the revaluation model within the scope of IPSASB’s two standards on impairment, IPSAS 21 and IPSAS 26.
These amendments provide users with relevant information on impairment losses to property, plant, and equipment and intangible assets on the revaluation model. They also clarify that impairments to individual assets, or a group of assets within a class of property, plant, and equipment, in IPSAS 17, Property, Plant, and Equipment, do not necessitate a revaluation of the entire class to which that impaired asset or group of assets belongs.
The amendments have an effective date of January 1, 2018.