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About the seminar
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Assets in the balance sheet denote an entity’s future economic benefits as a result of past investing decisions such as acquisition of plant and machineries. The recovery of such investments will take place in the future periods and this will be directly affected by future economic environment and management’s ability. IAS 36 requires an entity to make a realistic assessment of the future economic environment and its ability to recover the investments at each period end date. The spirit of the standard is to ensure that assets are not carried in the balance sheet at an amount above what an entity expects to recover in the future.
The procedures of impairment as prescribed by IAS 136 are complex and often a high degree of judgment is required. It is the objective of this workshop is to provide a practical guide on the complicated technical contents of the standard. It offers preparers and auditors hands on practice via practical examples. The main feature of the workshop is to highlight pitfalls and controversial issues when carrying out impairment tests in practice and to provide a forum for discussion.
• A theoretical understanding of the concept of impairment
• Practical guidance on how to determine indications of impairment
• Interaction between depreciation, revaluation and impairment
• Interaction between impairment and deferred taxation
• Impairment of intangible assets other than goodwill
• A case study on:
- determining fair value less cost to sell
- determining value-in use
- Highlight the special feature of cash flows determination for impairment purposes
- Estimating cost of capital
• How to account for reversal of impairment loss
• How to identify cash generating unit (CGU) in practice
• The importance of CGU
• Treatment of impairment of CGU and allocation of impairment loss
• Applying CGU concept to small businesses
• Impairment for group financial statements:
- Allocation of goodwill to CGU
- Impairment of CGU with goodwill related but not allocated
- Impairment of CGU with goodwill related and allocated
• A practical guide on disclosure requirements
• A discussion of likely future development
• Impairment and audit implications
Who should attend
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• Main target audience - Practicing Accountants:
- Company accountants
- Internal/external auditors
- Preparer of financial statements
Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny also has two years of public practice experience in Malaysia in Between 1996 and 1997 where he was an audit manager with a firm of accountants.
He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas. Danny is serving as a project manager to the Malaysian Accounting Standard Board in several working groups.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a member of Malaysian Institute of Accountants, a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants and an associate member of Malaysian Institute of Taxation.
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 65090292.
