Overview   

Economies of the world are in turmoil with many of them, including South Africa, in recession! In this current situation, what is the accountant's obligation regarding assets and their impairment?  

It is important that the accountant, in the performance of his/her duties, regularly tests assets (or groups of assets called ‘cash-generating units’) for impairment. Macro-economic indicators of possible impairment trigger the necessity to test assets for impairment, just like micro-economic indicators, such as significant damage to an asset, do.  

The correct principles for applying the process of impairment testing are laid out in the IFRS for SMEs Section 27 Impairment of Assets.   

This webinar is part of a series we are currently running on IFRS for SMEs. Click here to view the series. You can also view our other series on the main IFRS here. 

Learning objectives  

By the end of this event the participant should: 

• Understand the requirements of IFRS for SMEs Section 27 Impairment of Assets; 

• Know how to practically perform impairment testing on assets; and 

• Know how to disclose impairment. 

Content 

The webinar will cover the following topics:  

• Scope of IFRS for SMEs Section 27 Impairment of Assets.  

• Asset impairment indicators. 

• Impairment of inventories. 

• Impairment of other assets. 

• Goodwill impairment. 

• Disclosure. 

Obtaining your CPD certificate 

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

All attendees are issued with a CPD certificate available in an online profile. 

About the presenter 

Caryn Maitland CA(SA)

Caryn Maitland graduated in 1998 from the University of Natal, Pietermaritzburg (now UKZN), with a BCom Honours degree in Accounting and completed her articles with KPMG in 2001 and qualified as a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002 and is also a registered member of SAICA.

Caryn has lectured in Auditing, second and third year subjects, for Varsity College from 1999 to 2001. In 2002, she was appointed as senior lecturer at UKZN and coordinated the Financial Accounting 300 course until June 2006. In addition, she has lectured in Advanced Financial Accounting since June 2006 until December 2011.

Caryn has conducted independent workshops and seminars for professional accountants since 2006 on various topics, and has consulted on a number of technical issues. Since January 2011, she has focused on her own business as technical freelance consultant and trainer. 

Caryn also held the position Editor-in-Chief of an online continual professional development (CPD) website for accounting professional, eCPD Accountancy, having resigned from this post in September 2013.

Caryn has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.  She has also been involved with the SAICA SMP Technical tour (2014 to present).