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IFRIC 10 — Interim Financial Reporting and Impairment

References

  • IAS 34 Interim Financial Reporting
  • IAS 36 Impairment of Assets
  • IAS 39 Financial Instruments: Recognition and Measurement
  • IFRS 9 Financial Instruments

History

DateDevelopmentComments
12 January 2006 IFRIC D18 Interim Financial Reporting and Impairment published Comment deadline 31 March 2006
20 July 2006 IFRIC 10 Interim Financial Reporting and Impairment issued Effective for annual periods beginning on or after 1 November 2006

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Summary of IFRIC 10

The Interpretation addresses an apparent conflict between the requirements of IAS 34 and those in other standards on the recognition and reversal in financial statements of impairment losses on goodwill and certain financial assets.

IFRIC 10 concludes that:

  • An entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost.
  • An entity shall not extend this consensus by analogy to other areas of potential conflict between IAS 34 and other standards.

Note: Consequential amendments have been made to IFRIC 10 by IFRS 9. Accordingly, entities that have adopted IFRS 9 (mandatory for annual periods beginning on or after 1 January 2018) apply the guidance above only in respect of goodwill and not equity instruments or financial assets carried at cost.

IFRIC 10 is effective for annual periods beginning on or after 1 November 2006. Earlier application is encouraged.

Correction list for hyphenation

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