IFRS for SMEs 5 – Intangible Assets and Impairment of Assets
|CPD Hours:||Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
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Intangible assets are merely pieces of paper that represent something far more valuable to an entity. A business would therefore want to bring that value into its accounting records as capitalised assets. Understanding whether you indeed have an intangible asset or not, requires guidance, and for this we turn to Section 18. With many businesses being forced to slow down operations, the need to impair a business’ assets becomes a real issue standing in the way of faithful financial reporting. Section 27 Impairments places a responsibility on all businesses to consider writing down assets.
• Section 18: Intangible Assets o Definitions o Recognition and measurement: Separate acquisition Goodwill Internally generated intangible assets Expensing of intangible assets o Subsequent Measurement – Cost VS Revaluation Model, Amortisation • Section 27: Impairment of Assets o When it is necessary to impair and when you won’t need to, o How to calculate a recoverable amount for impairment purposes, o What the knock-on effect will be for depreciation purposes and o How impairment affects revalued assets.
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