Impairment of Assets under IFRS
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If the carrying amount of an asset exceeds its recoverable amount, such asset is considered to be impaired. In this session we will be going through a number of IFRSs such as IAS 2 Inventories, IAS 36 Impairment of Assets, IFRS 9 Financial Instruments, IAS 12 Income Taxes, IFRS 15 Revenue from Contracts with Customers, IAS 19 Employee Benefits and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, focusing specifically on the measurement requirements which ensure that the carrying amount of the relevant assets is not over-stated.
We will be going through the key definitions, initial and subsequent measurement requirements, as well as the various disclosure obligations set out in IFRSs mentioned above. During this two hour session, we will also be going through a number of practical examples encountered by local companies when accounting for impairment of their assets.
The session is aimed for accounting professionals and financial controllers.
By the end of the session participants would be knowledgeable of the key impairment measurement and disclosure requirements under the relevant IFRS.
Basic knowledge on financial reporting and consolidations is recommended.
Venue: Kindly contact us on firstname.lastname@example.org to indicate your preferred training method; online or in-person.
CPE Hours: This course qualifies for 2 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.
Introduction by Jonathan Dingli, Partner, Corporate Accounting Advisory Services, KPMG in Malta
Jonathan leads a team of professionals within the Accounting Advisory Services (AAS) Team at KPMG in Malta. At KPMG, Jonathan has assisted various clients, both local and international with respect to IFRS advice and IFRS adoption. He was responsible for advising a multi-national group of over 150 subsidiaries in its adoption of IFRS and the preparation of the group’s first IFRS consolidated financial statements. Before returning to KPMG, Jonathan set up the Malta Institute of Accountants’ Technical Department which he led for seven years. During his term of office Jonathan wrote a number of technical pronouncements on the application of IFRS to specific local circumstances, was responsible for the drafting of GAPSE (an accounting standard for Maltese SMEs), and he also represented the Institute on local and international fora. Before joining the Institute, Jonathan also worked for a number of years with KPMG in Malta and in Dublin during which he was assigned on a number of audits of high level clients both locally and overseas. Jonathan was the editor of the MIA journal the Accountant for seven years. Jonathan has been specialising in IFRS since 2008; he has lectured on IFRS in various countries, ran various IFRS courses for KPMG and the Malta Institute of Accountants and has given presentations at various events and conferences. He lectures on advanced financial reporting in the Master in Accountancy post-graduate degree at the University of Malta.
Emerson Zammit, Assistant Manager, Accounting Advisory Services, KPMG in Malta
Emerson Zammit joined KPMG during 2018 after completing the Master in Accountancy Degree at the University of Malta. Emerson holds the role of an advisor within the firm’s Accounting Advisory Services team and has assisted a wide range of clients across different industries with complex financial reporting matters and other tailor-made solutions in compliance with IFRS. Emerson delivers technical training to both local and international clients on specific accounting matters.
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- Guided Learning 2 Hours
- Language English