INFO 203
Impairment of non-financial assets: Materials for directors
This is Information Sheet 203 (INFO 203). It explains your responsibilities as a director in connection with the testing of non-financial assets for impairment in the financial report of a company.
In plain English
INFO 203 explains directors' responsibilities when checking non-financial assets for impairment in a company's financial report.
INFO 203 applies to directors of companies preparing financial reports. It outlines directors' duties regarding impairment testing. Directors must understand the asset’s value and potential losses. They must also consider if the asset’s carrying amount needs adjusting. This information sheet was last revised in December 2023.
Why it matters
Directors must ensure non-financial assets are accurately valued. Incorrect valuations can mislead investors and impact the company's financial health. This guidance helps directors fulfil their governance responsibilities.
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Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/regulatory-resources/financial-reporting-and-audit/directors-and-financial-reporting/impairment-of-non-financial-assets-materials-for-directors/. Rules Mate indexes + summarises; always verify against the regulator's live publication.