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 impairmentAn 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 surplusIf 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)

Assets are described as those resources which are owned or acquired by the business in order to use…

Answered: In accordance with IAS 36 Impairment of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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)

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