FRS 11 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:

• icaew.com/newukgaap

Synopsis

FRS 11 aims to ensure that:

• Fixed assets and goodwill are not recorded in the financial statements at a value that is higher than their recoverable amount. 
• If the value in the financial statements is higher than the recoverable amount then this is an impairment and this will normally be a charge to the profit and loss account unless that the asset had been previously revalued.
• Sufficient information is disclosed in the financial statements to enable users to understand the impact of the impairment on the financial position and performance of the reporting entity.

• Read FRC Summary on FRS 11

Last updated 21 June 2015