Available Course

GRAP – GRAP 21 and GRAP 26 Impairment of Assets

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Duration: 3.5
CPD Hours: Attendance at this seminar will secure 3.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Course Facilitator: Tristan White
T:  011-886-1395
E:  gillian@probetatraining.co.za

GRAP standards require two standards to be considered when dealing with impairment of assets. GRAP 21 deals with impairment of non-cash generating assets, whereas GRAP 26 deals with impairment of cash-generating assets. GRAP 26 follows a similar approach to IFRS - IAS 36 Impairment standard, which sets out the more conventional rules for approaching impairment. GRAP 21, on the other hand, is your starting point for any impairment considerations, as it helps to answer the question: which GRAP standard should I use for impairment. A decent grasp of both standards is vital to ensure appropriate impairment accounting treatment is followed.

GRAP 21: Will be the starting point for impairment, wherein which we’ll address: • Scoping i.e., is this an asset that is cash-generating or not • Principles around impairment of non-cash generating assets: o Identifying an indicator of impairment o How to calculate ‘recoverable amount’ o Recognising and measuring an impairment loss o Reversing an impairment loss • Redesignation i.e., moving assets non-cash generating to cash generating • Disclosure GRAP 26: Will consider impairment of cash-generating assets: • Individual asset VS Cash-generating units • Indicators of impairment • Calculating a ‘recoverable amount’ o Fair Value LESS Costs o Value in Use • Recognising and measuring an impairment loss • Reversal of impairment loss • Redesignation i.e., moving assets cash generating to non-cash generating • Disclosure

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