Highlights and insights into impairment assets, MFRS 124 and MFRS 121 (29-Feb-2016)

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Impairment of assets
Non-financial assets to be stated at lower of recoverable amount and carrying amount.  Performing an impairment review requires judgement and correct identification of the cash generating unit.  MFRS 136 Impairment of Assets is the applicable accounting standard when performing an impairment review. 

Related party disclosures
MFRS 124 is a disclosure standard. It sets out how related party relationships, transactions and balances, including commitments, should be identified and what disclosures should be made, and when. 
MFRS 121 - The Effects of Changes in Foreign Exchange Rates
The objective of this Standard is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency.

MFRS 136 – Impairment of Assets
• Impairment of non-financial
• Concept of cash generating unit
• Principle of impairment
• Calculation of recoverable amount
• Illustrations on calculation of impairment
• Goodwill impairment testing

MFRS 124 Related Party Disclosures
• Definition of related parties
• Applying the definition of related parties
• Identification of related parties
- relationships with persons
- relationships with other entities
• Illustrations on related parties

MFRS 121 The Effects of Changes in Foreign Exchange Rate
• Treatment of foreign currency transactions
• Mechanics of translation to presentation currency

Learning objectives

Participants will obtain an overview of the fundamentals of the above standards, then, apply those fundamentals to complex situations.

Ms Oh Ai Sim
Has over 20 years of audit related experience with a big four accounting firm. Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She also conducted in-house and client training covering FRS and audit related topics.


Accountants, finance managers, financial controllers, auditors, CFOs, Finance directors and anyone who wanted to know about MPERS updates.

1 day