Dodgy has a property which is currently stated at a revalued carrying amount of USD253,000. Due to a slump in property prices the value of the property is currently only USD180,000. The historical cost carrying amount of the property is USD207,000.How should the above impairment in value be reflected in the financial statements in accordance with IAS 36 Impairment of Assets?
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1 .Which of the following statements about provisions, contingencies and events after the reporting period is correct?
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A Present obligation : Provided for /Contingent asset: Disclosed B Present obligation : Provided for /Contingent asset: Not disclosed C Present obligation : Disclosed, but not provided for /Contingent asset: Disclosed D Present obligation : Disclosed, but not provided for /Contingent asset: Not ...
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A Nil B USD10,000 C USD15,000 D USD20,000
7 .Noddy has an item of equipment included in its statement of financial position at a carrying amount of USD2,750. The asset had been revalued several years ago. If the asset had not been revalued its carrying amount would only have been USD1,250.An impairment review of the asset has been undertaken and it is estimated that the recoverable amount of the asset is only USD1,000.Noddy has not made any annual transfers from the revaluation surplus to retained earnings.How much of the impairment loss should be charged to other comprehensive income in accordance with IAS 36 Impairment of Assets?
A USD1,750 B USD1,500 C Nil D USD250
8 .In 20X3 Angry revalued at USD360,000 a plot of land which had been purchased in 20X1 for USD300,000 and recognised a revaluation gain of USD60,000.In 20X4 Angry revalued to USD130,000 a second plot of land which had been purchased for USD100,000 in 20X2 and recognised a further revaluation gain of USD30,000. In 20X5 Angry wishes to write down the value of the first plot of land from USD360,000 to USD260,000 because of an impairment in its value due to changes in market prices.There have been no other movements on the revaluation surplus.What amounts should be recognised in the financial statements for 20X5 for the impairment loss?
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