Disclosures under IFRS
Disclosures for PPE
- Measurement basis
- Depreciation method
- Estimated useful lives or equivalent depreciation rate
- Gross carrying amount and accumulated depreciation
- Reconciliation of carrying amounts at beginning and end
The following additional disclosures are required:
- Restriction on title and pledges as collateral of property
- Equipment and contractual agreements to acquire PPE
If revaluation model is used, the firm is required to disclose:
- Date of revaluation
- How fair value was determined
- Carrying amount under cost method
- Revaluation surplus
Disclosures for Intangible Assets
- Whether indefinite or finite
- If finite life:
- Useful life of each intangible asset
- Amortization method used
- Gross carrying amount and accumulated amortization
- Reconciliation of carrying amounts at beginning and end
- If indefinite asset:
- Disclose carrying amount of asset and why it is considered indefinite
- Restriction on title and pledges as collateral of intangible assets
- Equipment and contractual agreements to acquire intangible assets
Disclosures for Impaired Assets
- For each asset class, the amount of impairment losses
- Reversal of impairment losses recognized in the period
- Where impairment losses and loss reversals are recognized in the income statement
- Main events and circumstances leading to recognition of impairment losses
Disclosures under US GAAP
Disclosures for PPE and Intangible Assets are same
- Gross carrying amount and accumulated depreciation for major asset classed or in total
- General description of depreciation methods used
- Aggregate amortization expense
- Estimated amortization expense next 5 years
Disclosures for Impaired Assets
There is no reversal of impairment losses, so no related disclosures. The firm must disclose:
- Description of impaired asset
- Reason for impairment
- Method for determining fair value
- Amount of impairment loss
- Where impairment losses are recognized in the income statement
