AASB 136 Impairment of Assets 2-5,Aus5.1: Scope: apply the Standard to impairment of every asset except the nine listed categories covered by other Standards; it does apply to investments in subsidiaries, associates and joint ventures and to revalued assets, and for not-for-profit specialised service assets only under the cost model

What does 2-5,Aus5.1 require?

The Standard governs impairment of all assets other than inventories (AASB 102), contract assets and contract cost assets under AASB 15, deferred tax assets (AASB 112), employee benefit assets (AASB 119), financial assets within AASB 9, investment property at fair value (AASB 140), agricultural biological assets measured at fair value net of selling costs (AASB 141), AASB 17 insurance contract assets and insurance acquisition cash flow assets, and non-current assets or disposal groups held for sale (AASB 5), because those Standards contain their own recognition and measurement rules. It does cover investments in subsidiaries, associates and joint ventures as defined in AASB 10, AASB 128 and AASB 11, and assets carried at revalued amounts under AASB 116 or AASB 138: where disposal costs are negligible a freshly revalued asset is unlikely to be impaired and no recoverable amount estimate is needed, but where they are not negligible the revalued asset is impaired if value in use falls below its revalued amount. Australian paragraph Aus5.1 adds that specialised not-for-profit assets held for their service capacity rather than cash generation, which are rarely sold, are outside the Standard when regularly revalued to fair value, and inside it when carried at cost.