2011-11-18 Impairment of Long-lived Assets - Key IFRS Reminders

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Under both old Canadian GAAP and IFRS, the basic principle for impairments is the same – recognize a loss if the recoverable amount of an asset or group of assets is less than its carrying amount. Nevertheless, the requirements for determining when and how to test for impairment, and what to disclose, can be significantly different. In this memorandum, we summarize key reminders for achieving IFRS compliance at year end.