FRS 11 Impairment of Fixed Assets and Goodwill
Issued July 1998. Effective for accounting periods ending on or after 23 December 1998.
FRS 11 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
FRS 11 aims to ensure that:
- Fixed assets and goodwill are not recorded in the financial statements at a value that is higher than their recoverable amount.
- If the value in the financial statements is higher than the recoverable amount then this is an impairment and this will normally be a charge to the profit and loss account unless that the asset had been previously revalued.
- Sufficient information is disclosed in the financial statements to enable users to understand the impact of the impairment on the financial position and performance of the reporting entity.
Last updated 21 June 2015