Registration Time: 09:00
Sessions Time: 09:15 - 12:30  including a 15-minute break
Speaker: Mr Paul Zammit
Venue:   Online Webinar

Participation Fees 
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

*Group bookings for 3 or more participants available.

BACKGROUND INFORMATION

Assets recognised in the statement of financial position are expected to generate economic benefits for the entity in the future. However, circumstances may arise where the carrying amount of an asset is no longer recoverable due to changes in market conditions, technological developments, operational performance, or other internal and external factors.
IAS 36 ‘Impairment of Assets’ establishes the principles that entities must follow to ensure that assets are not carried at amounts higher than their recoverable amount. The standard requires entities to assess whether there are indicators that assets may be impaired and, where necessary, estimate the recoverable amount of those assets. In a few specific instances, such estimation is made annually and irrespective of whether there are indicators of impairment.
Similar principles are also included in GAPSME, meaning that impairment assessments are relevant for a wide range of entities operating in the Maltese business environment.
This session aims to provide participants with a structured and practical understanding of the impairment framework under IAS 36 and the equivalent requirements in GAPSME. The focus will be on understanding how impairment indicators are assessed, how recoverable amounts are determined, and how impairment losses are recognised and presented in financial statements.

SPECIFIC TOPICS TO BE COVERED DURING THE SESSION

The following topics will be covered during this three-hour CPE (not necessarily in the below order):

• Overview and objectives of IAS 36 ‘Impairment of Assets’

• Indicators of impairment and when an impairment test is required

• Determining the recoverable amount of an asset

• Value in use and fair value less costs of disposal

• Identification and testing of cash-generating units

• Allocation of impairment losses to assets within a cash-generating unit

• Reversal of impairment losses and the related limitations

• Special considerations relating to goodwill and intangible assets

• Common practical issues encountered when applying impairment assessments

Why is the session of relevance to our members? 

Impairment assessments often involve significant judgement and estimation, particularly when determining future cash flows, discount rates, and the recoverable amount of assets or cash-generating units. Incorrect impairment assessments may lead to assets being overstated in financial statements, potentially resulting in misleading financial information or audit challenges.
This session will help members strengthen their understanding of the impairment framework while developing greater confidence in performing or delegating impairment assessments in practice. Participants will gain practical insights into how impairment indicators are evaluated, how recoverable amounts are calculated, and how impairment losses should be recognised and disclosed in financial statements prepared under IFRS and GAPSME.

Target Audience

Practicing accountants, auditors, finance professionals, and other practitioners involved in the preparation, review, or interpretation of financial statements prepared under IFRS or GAPSME. Accounting students and professionals wishing to strengthen their understanding of impairment principles may also find this session beneficial.

Speaker's Profile

Paul Zammit is a Certified Public Accountant specialising in International Financial Reporting Standards and GAPSME legislation. Since 2017, Paul has focused on technical accounting research and engagements, including advisory projects and the review of financial statements for compliance with Maltese regulations. He is a member of the Malta Institute of Accountants’ Financial Reporting Committee and has contributed to key initiatives, including the 2024 amendments to GAPSME. Paul has been lecturing in financial reporting since 2018, delivering training to ACCA and ACA students, as well as CPE-accredited sessions for professionals across various firms and institutions. Today, as a sole practitioner, Paul focuses mainly on technical accounting services — advisory, compliance, lecturing, and coaching — combining strong subject-matter expertise with a practical, people-focused approach

EVeNT CPE COMPETENCies

3  Core

WEBINARS TERMS AND CONDITIONS

Terms and conditions  apply

DISCLAIMER

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Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.