• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

IAS 36

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 36

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • March 10, 2021 at 11:44 am #614095
    humai
    Participant
    • Topics: 741
    • Replies: 238
    • ☆☆☆☆

    As per IAS 36, an entity must asses at the end of each reporting period that whether there is any indication that asset may be impaired. Asset is said to be impaired when its carrying amount exceeds recoverable amount. If there is indication of impairment, then asset should be tested for impairment i.e its recoverable amount must be calculated and asset should be reduced to recoverable amount if carrying amount is higher than recoverable amount. Recoverable amount is higher of value in use and fair value less cost to sell. Value in use is preset value of all future cashflows. Any impairment loss should be recorded in PNL

    Sir in the above para in the beginning I have written that as per IAS 36…. However I have not quoted exact words of standard, so would it be fine to write in our own words ?

    March 11, 2021 at 9:29 am #614162
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2839
    • ☆☆☆☆☆

    Writing in your own words is fine. The marker will be scanning your answer for the magic words IMPAIRMENT INDICATOR, RECOVERABLE AMOUNT and PROFIT AND LOSS ACCOUNT.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • cBarsoum on Audit Risk – ACCA Audit and Assurance (AA)
  • allistair.a@gmail.com on Digital strategy – CIMA E3
  • John Moffat on Statement of Cash Flows (part b) Example 1 – ACCA Financial Accounting (FA) lectures
  • Joanne94 on Statement of Cash Flows (part b) Example 1 – ACCA Financial Accounting (FA) lectures
  • cBarsoum on The Stages of an Audit – Appointment – ACCA Audit and Assurance (AA)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy