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CPA Exam , Under the reporting requirements for impaired assets, impairment losses for assets to be held and used shall be reported ?

a. As an extraordinary item.

b. As a component of discontinued operations.

c. As a component of income from continuing

operations.

d. As a change in accounting estimate.

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تم إضافة السؤال من قبل mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia
تاريخ النشر: 2016/08/04
مستخدم محذوف‎
من قبل مستخدم محذوف‎

Option C is my choice.good luck

مستخدم محذوف‎
من قبل مستخدم محذوف‎

Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value. An impairment loss shall be recognized only if the carrying amount...is not recoverable and exceeds its fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss shall be measured as the amount by which the carrying amount exceeds fair value

 

 

c. As a component of income from continuing

operations.

 

Muhammad Ahsan
من قبل Muhammad Ahsan , General Accountant , Emirates Hospitals Group

Uder IFRS, The amount by which the carrying value of the asset to be held exceeds its' recoverable amount is termed as impairment loss and this loss has two reporting requiremens, 1) loss for the year shall be reported as part of income from continued operations before taxes 2) accumulated impairment loss shall be shown seperately with the disclosure of asset in balance sheet and notes forming part thereof.

Tomasz L
من قبل Tomasz L , Reporting Specialist , Outworking

I agree with following answers, C is correct.

Zaheer uddin Raja
من قبل Zaheer uddin Raja , Accounts Supervisor , Pakistan International Airlines

c. is correct.........................

yasser talaat
من قبل yasser talaat , accountant manager , الشركه المصريه

thankss to invite me to answer that question

i am agreemant with the other answers

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من قبل مستخدم محذوف‎

C. This loss must be represented on the IS

Adnan Raza Hussain
من قبل Adnan Raza Hussain , Group Finance Officer , Pirani Group of Companies

Yes, Shall be reported in notes when you will closed your financial Account and Fixed Assets Schedule.

Naveed Iqbal
من قبل Naveed Iqbal , Senior Accountant , Hamdan AL Shamsi Lawyer & Legal Consultants

C is corect answer.That As a component of income from continuing

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