On 20 July 2006, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 10 Interim Financial Reporting and Impairment. The Interpretation addresses the interaction between the requirements of IAS 34 Interim Financial Reporting and the recognition of impairment losses on goodwill under IAS 36 Impairment of Assets and certain financial assets under IAS 39 Financial Instruments: Recognition and Measurement. The Interpretation concludes that where an entity has recognised an impairment loss in an interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost, that impairment should not be reversed in subsequent interim financial statements nor in annual financial statements. The Interpretation is effective for annual periods beginning on or after 1 November 2006, with earlier adoption encouraged.

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