Singapore legislation
Regulation 38
Regulation 38
Impairment review and recognition
Subregulation 1
An asset mentioned in regulation 36(1) or (2) is impaired when its carrying amount exceeds its recoverable amount.
Subregulation 2
An Accounting Officer must take steps —
to ascertain annually whether, at the end of each financial year, there is any indication that an asset mentioned in regulation 36(1) or (2) that is held by a department, ministry or Organ of State of the Government of which the Accounting Officer is in charge, may be impaired;
upon a finding of impairment, to make a formal estimate of recoverable amount of the asset; and
upon a finding of impairment, to report the impairment, and the formal estimate of the impairment loss to the Accountant‑General by the end of the financial year concerned.
Subregulation 3
If any impairment of an asset mentioned in regulation 36(1) or (2) has occurred in a financial year, then as soon as practicable after the end of that financial year, the Accountant‑General has to disclose in any statement required to be prepared in respect of that year for the purposes of section 18(2) of the Act the amount of impairment losses recognised during the financial year.