IAS Summary: Fair Value, Inventory, Tangible Non-Current Assets, Impairments, and IFRS 5 Audit Evidence

May 7, 2026

Audit and accounting summary covering IFRS 13 fair value measurement and related audit evidence, including fair value definition, use of knowledgeable market participants, and auditor focus on objectivity of valuers, management assumptions (especially Level 3 inputs), supporting documentation, required disclosures, and written management representations. Inventory IAS 2 audit evidence addresses key risks around valuation and quantity, applying lower of cost and net realisable value, count procedures, standard costing updates, and controls over amendments. Tangible non-current assets IAS 16 focuses on initial measurement, depreciation reflecting useful economic life, revaluation model requirements, and disposal accounting, with audit procedures such as fixed asset register checks, ownership verification, recalculations, and tracing additions/disposals. IAS 36 impairment and IFRS 5 held-for-sale criteria outline indicators, recoverable amount comparisons (VIU vs FVLCTS), expensing reductions, held-for-sale classification conditions, non-depreciation after transfer, and discontinued operations presentation, supported by audit evidence for VIU assumptions, discount rates, valuation reports, and impairment consistency with IFRS 13.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages10

Reading Time25 min

AccessFree to download

May 7, 2026

Upload by Ava Thompson