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Hi everyone,
I have a question regarding the substantive procedures for PPE and non-current assets in general.
I understand that assessing if the revaluation of an asset was made in accordance with IAS 16 is a substantive procedure to ensure that the valuation was done properly. The question I want to ask is if the same thing can be stated regarding compliance with IAS 36 – Impairment of Assets.
Would an assessment of Impairment on Assets based on IAS 36 consist a substantive procedure? I believe that if not assessed, this could give a false figure in terms of the valuation of the assets.
Can someone please advise?
Thank you very much.
The accounting knowledge that is assumed for Paper F8 is the same as that examined in Paper F3. Therefore, candidates studying for Paper F8 should refer to the Accounting Standards listed under Paper F3.
The audit of impaired PPE is therefore not examinable in F8.
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