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AASB 136 - Impairment of Assets

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Summary 
Developments, Key Differences & History  
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Additions 
Aus 1.1  
Which entities AASB 136 applies to (ie. reporting entities and general purpose financial reports) 
 
Aus 1.2  
The application date of AASB 136 
 
Aus 1.3  
Prohibits early application of AASB 136 
 
Aus 1.4  
Makes the requirements of AASB 136 subject to AASB 1031 ‘Materiality’ 
 
Aus 1.5  
Explains which Australian Accounting Standards have been superseded by AASB 136 
 
Aus 1.6  
Clarifies that the superseded Australian Standards remain in force until AASB 136 applies 
 
Aus 1.7  
Notice of the new Standard published on 22 July 2004 
 
Aus 6.1  
Clarifies that in the case of an asset of a not-for-profit entity, value in use means depreciated replacement cost 
 
Aus 6.2  
Defines not-for-profit entity and depreciated replacement cost 
 
Aus 32.1  
Requires that a not-for-profit entity determine value in use of an asset using the depreciated replacement cost of the asset if the future economic benefits of the asset are not primarily dependent on net cash inflows and the asset would be replaced if the entity were deprived of it 
 
Aus 32.2  
Clarifies how depreciated replacement cost is measured by reference to the lowest cost at which the gross future economic benefits of the asset could currently be obtained in normal course of business  
 
Aus 61.1  
Clarifies that for a not-for-profit entity any impairment loss on a revalued asset must be recognised directly against the asset revaluation reserve to the extent of any amount that stands to the credit of the asset’s class in the reserve 
 
Aus 120.1  
Clarifies that for a not-for-profit entity the reversal of an impairment loss on a revalued asset is credited to the asset revaluation reserve except to the extent that an impairment loss on the same class was previously recognised in the profit or loss 
 
Deletions 
138  
Effective date and transitional provision of IAS 36 based on election in IFRS 3 
 
139  
Effective date and transitional provision of IAS 36 in cases other than paragraph 138 
 
140  
Application to transactions before required date is encouraged but IFRS 3 and IAS 38 must be applied at the same time 
 
141  
Reference to superseded IAS 36