Posted date: March 16th 2021 . Author Anna Antoine .
As we have moved from the heights of the pandemic in Australia Material Change is proving to be fragmented and only affecting certain asset classes. Material Change is affecting asset classes differently, some have increased whereas others have been adversely affected. Preston Rowe Paterson is closely monitoring the Material Change impact during the depth of the COVID economy, and as things improve.
For financial reporting valuations to comply with the AASB standards, Material Change is the driver for revaluation when an asset within a class of assets differs from the Carrying Amount (ref. Clause 34, p. 10, AASB116 – Property Plant and Equipment).