AASB FAQs on the coronavirus pandemic and the impairment of non-financial assets

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14 Jul 2020

The staff of the Australian Accounting Standards Board (AASB) has released 'Impairment of non-financial assets' reminding entities of the guidance available in the accounting standards when testing a non-financial asset for impairment.

The document offers a flowcharts summarising when and how to test for impairment of non-financial assets and eleven questions addressing specific issues that arise in the impairment process within the context of COVID-19.

Please click to download Staff FAQs – Impairment of non-financial assets from the AASB website.

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