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Financial Reporting on Impairment of NonCash-Generating Assets by Public Sector

In: Global Versus Local Perspectives on Finance and Accounting

Author

Listed:
  • Marianna Kicová

    (University of Economics in Bratislava)

Abstract

Impairment of noncash-generating assets belongs to the specific issues of the public sector financial reporting. The aim of this paper is to describe and analyze knowledge about the requirements for the procedures that a public sector entity applies to determine whether a noncash-generating asset is impaired, also measurement, recognition, and disclosure of the impairment losses. These issues are specified in International Public Sector Accounting Standard IPSAS 21, Impairment of NonCash-Generating Assets. This IPSAS also specifies when a public sector entity would reverse an impairment loss and prescribes disclosures. Epistemology as a basic method for researching this issue is applied. Standard research methods, such as selection, analysis, and synthesis, presenting a basic methodical approach to paper processing are applied. The financial reporting of information about the impairment of noncash-generating assets of public sector entities is useful to enhance the transparency of general purpose financial reports and provide transparent information that is useful for accountability and decision-making purposes.

Suggested Citation

  • Marianna Kicová, 2019. "Financial Reporting on Impairment of NonCash-Generating Assets by Public Sector," Springer Proceedings in Business and Economics, in: David Procházka (ed.), Global Versus Local Perspectives on Finance and Accounting, pages 297-305, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-11851-8_28
    DOI: 10.1007/978-3-030-11851-8_28
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