IFRS Comparison: Impairment of Goodwill, Tangible & Intangible Assets


Guidance related to assessing and recording impairment of assets is found in IAS 36, Impairment of Assets and in IFRS 5, Non-current Assets Held for Sale and Discontinued Operations for entities complying with international accounting standards, and in ASC 350, Intangibles – Goodwill and Other and ASC 360, Property, Plant and Equipment for entities complying with US accounting standards. Below is a comparison of the impairment models under the US GAAP and IFRS standards related to goodwill, indefinite-lived intangible assets and tangible and finite-lived intangible assets.