| 27.1 | This section applies to the impairment of assets and the recognition of impairment losses except in relation to: |
| (a) | assets arising from construction contracts (see Section 23 Revenue); |
| (b) | deferred tax assets (see Section 29 Income Tax); |
| (c) | assets arising from employee benefits (see Section 28 Employee Benefits); |
| (d) | financial assets within the scope of Section 11 Basic Financial Instruments or Section 12 Other Financial Instruments Issues; |
| (e) | investment property measured at fair value (see Section 16 Investment Property); |
| (f) | biological assets related to agricultural activity measured at fair value less estimated costs to sell (see Section 34 Specialised Activities); and |
| (g) | deferred acquisition costs and intangible assets arising from contracts within the scope of FRS 103. [AMD 493] |
| 27.1A | [Moved to paragraph 27.1(g)] [AMD 495] |
| AMD 493 Amendment Paragraph 27.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 27.1 An impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. This section shall be applied in accounting for the impairment of all assets other than the following, for which other sections of this FRS establish impairment requirements: (a) assets arising from construction contracts (see Section 23 Revenue); (b) deferred tax assets (see Section 29 Income Tax); (c) assets arising from employee benefits (see Section 28 Employee Benefits); (d) financial assets within the scope of Section 11 Basic Financial Instruments or Section 12 Other Financial Instruments Issues; (e) investment property measured at fair value (see Section 16 Investment Property); and (f) biological assets related to agricultural activity measured at fair value less estimated costs to sell (see Section 34 Specialised Activities). |
| AMD 495 Amendment Paragraph 27.1A amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 27.1A This section shall not apply in accounting for the impairment of deferred acquisition costs and intangible assets arising from contracts within the scope of FRS 103 Insurance Contracts. |
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