All of the following are key steps related to accounting for impairments of long-term operating assets except ________. Group of answer choices measurement subsequent to impairment asset grouping derecognition of impairment testing for impairment
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- All of the following data items are likely to be included in a fixed asset record except: a. residual value of the asset b. book value of the asset c. depreciation method being used d. location of the asset e. all of the above would likely be included(a) (i) With reference to IAS (36) briefly discuss the relevance of the impairment of tangible non-current assets, explaining the steps required in an impairment review.Explain the accounting treatment in the event that an impairment review of a non-current asset which has been previously revalued with a revaluation surplus revealed that the non-current asset has suffered an impairment loss.
- Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by managementBriefly explain the difference between U.S. GAAP and IFRS in the measurement of an impairment loss for property, plant, and equipment and finite-life intangible assets.Identify situations that involve a significant impairment of the value of property,plant, and equipment and intangible assets and describe the required accountingprocedures.
- Under the cost model, subsequent to initial recognition as an asset, an item of property, plant, and equipment shall be carried at a. Revaluation Amount b. Cost less accumulated depreciation and accumulated impairment losses c. Revalued amount less accumulated depreciation and any accumulated impairment loss d. CostAccording to PAS 36 Impairment of Assets, the recoverable amount of an asset is determined only if there are indications that the asset is impaired. is determined at least annually. need not be determined if there are no indications for impairment, except for intangible assets with indefinite useful life, intangible assets not yet available for use, and goodwill acquired in a business combination which are required to be tested for impairment at least annually. is determined only if there are indications that the asset is impaired and need not be determined if there are no indications for impairment, except for intangible assets with indefinite useful life, intangible assets not yet available for use, and goodwill acquired in a business combination which are required to be tested for impairment at least annually.Write the definition, recognition, measurement and derecognition of Impairment of assets.
- In accordance with IAS 36 Impairment of Assets, which of the following statements are true? Non-current assets must be checked annually for indications of impairment An impairment loss must be recognized immediately in the income statement, except that all or part of a loss on a previously revalued asset should be charged against any related revaluation surplus If the fair value less costs to sell exceeds the carrying amount of an asset, there is no need to estimate value in use A (1) and (2) B (1) and (3) C (2) and (3) D (1), (2) and (3)According to PFRS 9, which of the following represents a cessation of a financial asset’s impairment accounting? Reclassification of the financial asset from Amortized cost to FVPL Reclassification of the financial asset from FVPL to Amortized cost Reclassificatioimpairn of the financial asset from Amortized cost to FVOCI Reclassification of the financial asset from FVOCI to Amortized costgive the definition, recognition, measurement and derecognition of Impairment of assets.
