Section 27 FRS 102

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Are you an auditor or accountant looking to stay up-to-date on the latest financial reporting standards? In February’s CPD Club Membership Monthly Update Lindsay Webber reviewed section 27 of the FRS 102.

In this extract, Lindsay explains the 7 indicators that should be taken into account when assessing the value of an asset and determining if an impairment review is necessary. These indicators include both internal and external sources of information, such as market value, wear and tear, discontinuation of cash flows, and more.

With practical examples, Lindsay dives into the details of each indicator and provides insight into disclosures, accounting policies, and estimation uncertainty. Whether you’re audit-exempt or not, it’s essential to understand these indicators and determine if an impairment review is necessary.

The CPD Club Membership Monthly Update is an exclusive webinar for CPD Club members where the OmniPro Technical Team cover the latest issues and hot topics they see accountants in practice facing in their day-to-day work. Find out more here:

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About the Author

As a member of our Practice Support team, Lindsay’s focus is on helping practices achieve on-going best practice compliance, providing in-house training, technical assistance, and file reviews. Lindsay is a member of the South African Institute of Chartered Accountants and Chartered Accountants Ireland. She trained with KPMG in Johannesburg and specialised in external audit of financial services companies. She then spent six years lecturing audit and financial reporting to under-grad and post-grad students at Rhodes University in South Africa before moving to Ireland and returning to practice in a small, and then a medium sized firm where she was an audit manager. Altogether, she has over six years external audit experience along with over six years academic experience specialising in Audit and Financial Accounting. She is passionate about combining her academic and practice backgrounds to provide technical information in a useful and practical way. Outside of her accounting qualifications Lindsay holds a PGDiploma in Higher Education from Rhodes University and graduated with distinction from the MBA course at Trinity College Dublin. She is currently working towards a Diploma in Forensic Accounting through Chartered Accountants Ireland.


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