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Asset Impairment Requirements Simplified

For not-for-profit entities with specialised assets, the AASB has acted to simplify the asset impairment requirements.

AASB 2016-4 was issued in June and amends AASB 136 Impairment of Assets through a series of simplifications. It applies to annual reporting periods beginning on or after 1 January 2017, although earlier adoption is permitted.

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