While the new architecture is relatively easy to comprehend in its broad dimensions, closer inspection, particularly of the provisions of AASB 136, reveals a foundation of enormous complexity. This is especially so in relation to the central matter of determining whether or not value impairment has occurred – a consideration which consumes 25 paragraphs (plus explanatory notes and appendices) within AASB 136. In determining whether such an event has transpired, the standard instructs reporting entities to work through three fundamental steps. First, existing goodwill must be associated with so called cash generating units - defined18 as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, to the lowest level at which management monitors goodwill within the group. Next, the recoverable amount of the assets attributed to the selected cash generated units must be appraised. This will equate to the higher of fair value less disposal costs and value in use. Finally, to the extent that the carrying amount of assets within a cash generating unit exceeds the recoverable amount, value impairment must be recognised.
Application of the impairment testing regime mandated under AASB 136 results in a densely congealed fog of assumptions. Attempting to independently assess the degree to which impairment testing has proceeded on a fair and reasonable basis without an understanding of at least the key components of this miasma would necessitate the further elevation of faith as a key skill of the financial statement analyst.
However, in a reaffirmation of the value of scepticism (at least in capital market settings), AASB 136 mandates a number of disclosures which drive to the heart of the manner in which the recoverable amount of cash generating unit assets have been determined, and thus provides the potential for independent reflection by financial statement users on the impairment testing process. It is these mandated disclosures which hold the key to the enigma the subject of this paper – the operation of Australia’s brave new world of goodwill impairment testing, and it is to these and their significance that the next section of the paper turns.
3. DATA AND METHODOLOGY
For reasons set out in above, 2006 represents the first year in which substantial quantities of financial statements prepared by Australian listed corporations in accordance with the requirements of A-IFRS have become available for inspection. Given that our research objective is to develop an impression of the manner in which the Australian goodwill reporting regime has unfolded in this initial implementation period, the research focuses on data drawn from a sample of 50 large Australian listed corporations which reported goodwill as comprising an element of their asset base in their 2006 consolidated financial statements.
In constructing the final research sample of 50 firms, the following procedures were undertaken. First, the largest 150 Australian firms (ranked by market capitalisation as at 31 December 2006) were identified. Commencing with the largest and moving to each successively smaller firm, organisations were included in the research sample if they had at the time the research was conducted reported under A-IFRS for 2006, and had goodwill as a component of their asset base.
In constructing the final sample of 50, 5 firms were excluded from the sampling frame by reason of having no goodwill, a further 22 entities were excluded since they had not yet reported for the 2006 year, 1 was excluded because while it had reported, it proved impossible to obtain its full financial report19. A total of 8 firms were excluded because they reported under a framework other than IFRS20 and a further 16 because they were listed asset holding vehicles rather than trading enterprises. Details of the final research sample’s constituent firms, their market capitalisation and the value of their goodwill balances are set out in Appendix A. The research sample represented 42.2% of total ASX market capitalisation as at the conclusion of December 2006. 药房店长竞聘演讲稿 -
In order to facilitate analysis of the final research sample, the fifty constituent firms were divided into six groups comprising organisations with related principal lines of business. At the date of sampling, the fifty firms included in the final sample controlled assets valued at $2.024 trillion, which included goodwill of $58.3 billion. An overview of the research sample broken down by assigned sector, the dollar value of firm assets within the sector, and the dollar value of goodwill for each sector is shown in Table 1, below.
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