IFRIC 10 Interim Financial Reporting and Impairment

IFRS Guide > IFRIC 10

Interpretation of Interim Financial Reporting and Impairment

The International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 10, “Interim Financial Reporting and Impairment” to addresses the apparent conflict between the requirements of IAS 34
Interim Financial Reporting and those in other standards on the recognition and reversal in
financial statements of impairment losses on goodwill and certain financial assets.

IFRIC 10 states that any such impairment losses recognised in an interim financial statement must not be reversed in subsequent interim or annual financial statements.

Because there is an apparent conflict between the relevant standards, preparers of interim financial reports have been unsure how to resolve it, and practice has diverged.

IFRIC 10 aims to help constituents by providing a clear guide on how the standards interact on the question of impairment losses. At the same time, the IFRIC warns entities not to extend this Interpretation to other areas of potential conflict between IAS 34 and other standards.

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