In April 2001 the International Accounting Standards Board (Board) adopted IAS 36 Impairment of Assets, which had originally been issued by the International Accounting Standards Committee in June 1998. That standard consolidated all the requirements on how to assess for recoverability of an asset. These requirements were contained in IAS 16 Property, Plant and Equipment, IAS 22 Business Combinations, IAS 28 Accounting for Associates and IAS 31 Financial Reporting of Interests in Joint Ventures.
The Board revised IAS 36 in March 2004 as part of the first phase of its business combinations project. In January 2008 the Board amended IAS 36 again as part of the second phase of its business combinations project.
In May 2013 IAS 36 was amended by Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36). The amendments required the disclosure of information about the recoverable amount of impaired assets, if that amount is based on fair value less costs of disposal and the disclosure of additional information about that fair value measurement.
Other Standards have made minor consequential amendments to IAS 36. They include IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 Fair Value Measurement (issued May 2011), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013), IFRS 15 Revenue from Contracts with Customers (issued May 2014), Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) (issued June 2014), IFRS 9 Financial Instruments (issued July 2014), IFRS 17 Insurance Contracts (issued May 2017), Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018) and Amendments to IFRS 17 (issued June 2020).