Several dimensions of the A-IFRS goodwill reporting regime are of potential interest and can be investigated by dint of required disclosures under AASB 136. The first relates to the role of cash generating units (henceforth CGUs) as the crucible within which the impairment testing process transpires.
Paragraph 80 of AASB 136 requires that for the purpose of impairment testing, goodwill be allocated to each of the reporting entity’s CGUs (or groups of cash generating entities) which are expected to benefit from the goodwill. To avoid the creation of an excessive reporting systems burden, this allocation is only required down to CGUs or groups of CGUs which represent the lowest level at which goodwill is monitored for internal management purposes. However, to guard against inappropriate aggregation, paragraph 80 stipulates that the CGUs (or groups thereof) should not be larger than segments defined for the purpose of segment reporting21.
This is important, because the number of CGUs to which goodwill is allocated for the purposes of impairment testing itself has the capacity to impact on the likelihood of an impairment loss being recognised. A simple example will illustrate. Contemplate an airline company, X Ltd. This firm operates a highly profitable domestic passenger airline business and an international passenger airline business which exhibits lower average margins and far higher result volatility, under the same brand.
The domestic network operates and is capable of being sustained independently of the international network, and vice versa. If both segments are combined into just one CGU, the consistent results of the domestic portion will tend to smooth the volatility inherent in the international portion – and in consequence, it is likely that a discounted cashflow approach to determining the recoverable amount of the assets deployed by the business will result in greater “head room” over and above the carrying value than would be the case were each treated as an individual CGU.
Thus, in coming to understand the characteristics of the goodwill reporting regime, developing an understanding of the apparent level of aggregation of CGUs as defined by reporting entities is of prime significance. This is pursued by comparing the number of reported controlled subsidiary entities, business segments and defined cash generating units for each firm in our sample. The completeness and quality of disclosures relating to goodwill at the CGU level is also assessed by examining the extent to which each sample firm’s total goodwill balance can be reconciled with the sum of disclosed CGU goodwill allocations. Where the total disclosed goodwill of the firm does not reconcile to the total value of goodwill allocated to CGUs, the quality and completeness of disclosure is judged to be lower than where complete reconciliation is possible.
Having examined the aggregation issue, attention is turned to manner in which recoverable amount of CGU assets has been estimated. This requires reference to fair value or value in use, and disclosure which of these reference bases has been adopted. While it is likely that in most circumstances recoverable value will be determined by reference to value in use, the possibility that the fair (market) value of certain asset classes may be reliably determinable, for example, by dint of the existence of active markets for assets of the class in question, means that it will on some occasions be feasible to determine recoverable amount on a fair value basis.
粗毛栓菌木聚糖酶的分离和纯化+开题报告+任务书 AASB 136 stipulates22 that adoption of a fair value approach to the determination of recoverable amount is not dependent on the existence of an active market for the assets in question, but also makes clear the need for some reasonable basis for making a reliable estimate of the amount obtainable from the disposal of assets in arm’s length transactions between knowledgeable and willing parties as a prerequisite to the adoption of this method. Consequently, the circumstances in which this choice is exercised also represent an object of potential research interest, and the frequency with which sample firms resorted to either method is reported in section four of the paper.
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