Impairment of Assets: A guide to applying IAS 36 in practice

The Grant Thornton International IFRS team has published a new guide, Impairment of Assets: A guide to applying IAS 36 in practice.

This guide has been written to assist management in understanding the requirements of IAS 36 while highlighting some common areas of confusion seen in practice. More specifically, it:

• summarizes the overall objective and basic requirements of IAS 36;
• provides a step-by-step guide to performing an impairment assessment (including testing for an impairment and recording or reversing an impairment loss, when required in accordance with IAS 36);
• highlights interpretative and practical application issues that arise when performing these steps; and
• offers insights on best practices to address these issues.

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GST-QST: Election Between Closely Related Parties – January 1, 2015 Is a Key Date

Provisions in the Excise Tax Act permit closely related entities to make a joint election to eliminate the obligation to collect and remit GST/HST on certain taxable supplies between them. Under the terms of this election, the supplies are deemed to be made for nil consideration and, accordingly, there are no taxes to remit.

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IFRS Newsletter offers a summary of some developments in International Financial Reporting Standards (IFRS) along with insights into topical issues and some comments.

Our first edition of 2014 starts with some important amendments to IFRS 9 Financial Instruments. The amendments add new requirements on hedge accounting as well as removing the January 1, 2015 mandatory effective date which had previously been determined in the standard.

To view this publication, click on the “Download” button on the right.

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Provincial Budget, February 20, 2014

With a general election looming on the horizon, the purpose of the second budget presented today by the Minister of Finance and the Economy, Nicolas Marceau, served more to confirm the state of public finances and recall certain measures from various policies unveiled in recent months, rather than to actively support our wealth creators, that is, our businesses.

Clearly, this budget is in some respects the government’s economic platform for the next election campaign.

However, certain of the measures announced represent appealing development levers in support of Quebec business growth. The budget also provides additional assistance to key sectors that we would be wise to further support.