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2 Found helpful • 19 Pages • Essays / Projects • Year: Pre-2021
This report provides critical evaluation of AASB 136 Impairment of Assets (“AASB 136”). Basically, the AASB136 Standard requires that an entity review an impairment loss and prescribes disclosures when an asset is described as impaired. This report gives a brief history to the AASB 136 Impairment of Assets as it firstly set up in July 2004. From that, AASB 136 has undergone several amendments on issues such as intangible assets and disclosure requirements. In the report, the evaluation was composed of the following two components: Normative Theory and Positive Theory. Normative Theory is to prescribe what should happen by making suggestions or recommendations in the standard. The Conceptual Framework with the view of finding threats and opportunities was used in the normative accounting theory part. Positive theory is used in our report to discovering threats and opportunities for AASB 136. There are three positive accounting theories related to AASB 136, which include stakeholder theory, agency theory and legitimacy theory with the view of finding strengths or weaknesses. Furthermore, evaluation of AASB 136 is composed of a general view of threats, opportunities, strengths and weakness revealed in the theoretical analysis of ASSB 136, showed an alignment of weaknesses and threats resulting in two problems in the application of AASB 136. Finally, it was recommended that annualized impairment be amended to the standard, as it would help to minimize the effects of these issues.
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