Impairment Practices of Selected Publicly-Listed Companies in the Philippine Mining Industry

As evidenced by new accounting standards, the advent of harmonization of accounting standards has caused a shift from historical basis accounting to fair value accounting. A bigger impact of this shift is manifested through revaluations and impairment. But recent events that concern complexities associated with the practical application of this standard have surfaced causing many companies to not full comply with its provisions. This study, therefore, attempts to investigate the compliance of ten selected companies belonging to the mining industry with provisions of PAS 36; and to determine existing impairment practices in the mining industry. Results reveal that selected companies belonging to the mining industry were not able to fully comply with the specific provisions of PAS 36. Implications for stakeholders are discussed and areas for future research are offered.