FRS 102 Section 27 Impairment of Assets sets out the requirements that apply to the impairment of assets and the recognition of impairment losses.
The requirements regarding impairment of assets are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
This factsheet is a summary of the basic principles of accounting for impairment with practical guidance to will help with implementation.
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A chapter on impairment of assets within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. FRS 102 Section 27 and the impairment of inventories, impairment of assets other than inventory and impairment of goodwill are discussed, along with helpful real-life examples.
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A chapter on financial reporting of impairment of assets under UK GAAP. Sections include: Impairment of inventory; Impairment of assets other than inventories; Reversal of an impairment loss; Disclosure requirements. This practical manual focuses on unlisted companies and has been comprehensively updated to reflect changes issued by the Financial Reporting Council (FRC) since 2019.
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A detailed, practical chapter on financial reporting of property, plant and equipment under FRS 102, section 17 and FRS 105, section 12. Includes sections on initial recognition, subsequent measurement, depreciation, impairment of assets, derecognition and disclosure requirements, with many worked examples.
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A chapter on the general principles of accounting for depreciation, amortisation and impairment, together with the specific requirements of FRS 102, Section 27, 'Impairment', in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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A chapter focusing on Covid-19-specific issues in relation to financial statements under new UK GAAP, to help readers understand what reporting entities may need to deal with when preparing their annual reports. The chapter covers events after the end of the reporting period, impairment of assets, going concern, government assistance, judgements and estimation uncertainties.
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Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 102 Section 27 and IFRS, and covers the requirements for impairment, impairment of assets other than inventories, goodwill and its allocation to CGUs, recognising and measuring impairment losses, reversal of an impairment loss, and disclosures.
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Model accounts and disclosure checklists for UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and impairment of assets or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on impairment of assets covers impairment of inventories, impairment of assets other than inventories, reversal of an impairment loss, and disclosures.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on impairment of assets looks at impairment of inventories, impairment of other assets, additional requirements for impairment of goodwill, issues for parent companies and subsidiaries, reversal of an impairment loss, and presentation and disclosures.
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