05-11-2011, 01:01 AM
Hello everyone. I am an actuary. We have had some arguments recently with our auditors who insist on an impairment provision on our equity portfolio. I however do not agree to their logic, and believe that their education needs re-education. I believe they have yet to realize the concept behind impairment, and even though they are ever so keen to drag IAS 36 and IAS 39 in our argument, I do not find any clear indications as to a proper guidance to its determination but rather just crude judgement. Anyone willing to share their thoughts as to how they define impairment? Also, are there any established and working standards to fair value determination currently playing their role in pakistan or do all auditors stupidly realize market prices as fair value.
