Document ID: chunk:federal_register_of_legislation:F2023C00180:front:0:p3
Version: federal_register_of_legislation:F2023C00180
Segment Type: other
Provision Reference: 
Character Range: 5815–8691

2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 136

Impairment of Assets

Objective
1 The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and the Standard requires the entity to recognise an impairment loss. The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures.

Scope
2 This Standard shall be applied in accounting for the impairment of all assets, other than:
(a) inventories (see AASB 102 Inventories);
(b) contract assets and assets arising from costs to obtain or fulfil a contract that are recognised in accordance with AASB 15 Revenue from Contracts with Customers;
(c) deferred tax assets (see AASB 112 Income Taxes);
(d) assets arising from employee benefits (see AASB 119 Employee Benefits);
(e) financial assets that are within the scope of AASB 9 Financial Instruments;
(f) investment property that is measured at fair value (see AASB 140 Investment Property);
(g) biological assets related to agricultural activity within the scope of AASB 141 Agriculture that are measured at fair value less costs to sell;
(h) contracts within the scope of AASB 17 Insurance Contracts that are assets and any assets for insurance acquisition cash flows as defined in AASB 17; and
(i) non-current assets (or disposal groups) classified as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations.
          Aus2.1 Further to paragraph 2, public sector entities shall not apply this Standard to deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scopes of AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts.
3 This Standard does not apply to inventories, assets arising from construction contracts, deferred tax assets, assets arising from employee benefits, or assets classified as held for sale (or included in a disposal group that is classified as held for sale) because existing Standards applicable to these assets contain requirements for recognising and measuring these assets.
4 This Standard applies to financial assets classified as:
(a) subsidiaries, as defined in AASB 10 Consolidated Financial Statements;
(b) associates, as defined in AASB 128 Investments in Associates and Joint Ventures; and
(c) joint ventures, as defined in AASB 11 Joint Arrangements.
For impairment of other financial assets, refer to AASB 9.
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