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AASB proposes amendments to impairment of assets standard

The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard.

The AASB proposes to amend its standard AASB 136 Impairment of Assets regarding the International Accounting Standards Board's (IASB) intention to require only the disclosure of the recoverable amount of assets, including goodwill, for which there was an impairment loss recognised or reversed during the reporting period, and associated information about that recoverable amount if it is determined as fair value less costs of disposal.

Deadline for comment on the consultation is 28 February.

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The Australian Accounting Standards Board

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