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Which of the following is true with regards to the recognition of an impairment loss of an asset, which has a revaluation surplus from a previous revaluation?CorrectIncorrect
Which of the following is not true with regards to the carrying amount of a cash-generating unit?CorrectIncorrect
The annual impairment test for a cash-generating unit to which goodwill has been allocated may be performed at any time during an annual period, provided the test is performed at the same time every year.CorrectIncorrect
In allocating an impairment loss for a cash-generating unit, an entity shall not reduce the carrying amount of an asset below the highest of:CorrectIncorrect
The amount of the impairment loss for cash-generating unit shall be allocated pro rata on the basis of the carrying amount of each asset in the unit.CorrectIncorrect
An impairment loss recognised in prior periods for an asset __________ shall be reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised.CorrectIncorrect
A reversal of an impairment loss reflects an increase in the estimated service potential of an asset, either from use or from sale, since the date when an entity last recognized an impairment loss for that asset.CorrectIncorrect
Which of the following shall an entity disclose for each class of assets?CorrectIncorrect
An entity Z owns an item of property, plant and equipment. The following information is available with regards to this item:
Value in use: $ 600 Fair value: $ 620 Cost of disposal: $ 5 Carrying amount: $ 630
What amount of impairment, if any, shall an entity Z recognise in its financial statements with regards to this item of property, plant and equipment?CorrectIncorrect
On 1 January 20X6 an entity X paid $ 2,300 for a company whose main activity consists of delivery services. The acquired company owns 4 delivery trucks and a license, without which it could not operate.
On 1 January 20X6 the fair value less cost of disposal of each delivery truck and of the license is $ 400. At 1 February 20X6 one delivery truck crashed. Because of the reduced capacity, the entity X estimates value in use of the acquired business at $ 1,820. What is the amount of goodwill that shall be recognised in the consolidated financial statements with respect to the acquired business as at 1 February 20X6?CorrectIncorrect