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The IASB amended the disclosure requirements in IAS 36 Impairment of Assets with regard to the measurement of the recoverable amount of impaired assets that were made as a consequence of issuing IFRS 13 Fair Value Measurement in May 2011.
The IASB acknowledged that some of the amendments made to IAS 36 had the effect of applying requirements more broadly that the IASB intended.
The Amendments apply retrospectively for annual period beginning or after 1 January 2014, with earlier application permitted. An entity shall not apply those amendments in periods (including comparative periods) in which it does not also apply IFRS 13.
EFRAG has issued its Endorsement Advice and Effects Study Report relating to the Amendments for use in the European Union and European Economic Area. EFRAG supports the adoption of the Amendments and recommends their endorsement.
EFRAG’s recommendation is explained in the letter to the European Commission, and the accompanying Basis for Conclusions and the Effects Study Report on the costs and benefits of implementing the Amendments.
Letter to the EC on amendments to IAS-36