Monday 9th February 2015
Duration: approx. 2 hours
The responsibility for making calculations under the impairment standard falls squarely on reporting entities, but it is the auditor who must review the calculations. ASIC has always been a keen enforcer of the asset impairment standard and asset impairment calculations remain the main focus of ASIC reviews.
Hence auditors need to be especially vigilant when it comes to the review of carrying values of assets. This presentation will look at some of the thornier issues involving asset impairment, including:
- Managing client expectations and knowledge:
- role of accounts preparers in asset impairment – who does the calcs
- role of auditors – review of work done by preparers
- educating clients on the requirements of the standard
- Common problem areas:
- correctly estimating forward cash flows – accuracy of assumptions
- choosing an appropriate discount rate to value cash flows – risk, industry norms etc.
- the “cash generating unit” – how granular you should get – ASIC and company views compared
- key indicators of asset impairment – what are they?
- differences between market cap and net asset values – what do they mean?
This webinar is suitable for auditors throughout Australia.
PRESENTED BY: Nicholas Benbow, Director, William Buck, Melbourne
Pragmatic, resilient and determined, Nicholas finds assisting his clients with transformation extremely satisfying. Nicholas is passionate about finding tailored financial reporting solutions for clients with onerous disclosure requirements, so that their results reflect their business reality and are not ‘boiler-plate.’He believes that a team approach to work is important, as is a relationship based on honesty and integrity. If you really value the person, they will trust you and take you wherever they go.
He specialises in accounting for complex business transactions, including acquisitions, divestments and restructures, particularly in situations where a business is primed to realise its growth potential. Nicholas is also very interested in the interaction between corporate governance standards, financial reporting and their inter-relationship with Corporations laws and regulations. With his clients, Nicholas believes in setting strong but achievable outcomes to work towards. ‘Helping people get where they want to go gives me the great satisfaction’, he adds.
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