AASB 136 Impairment of Assets Requires Which of the Following

question 23

Multiple Choice

AASB 136 Impairment of Assets requires which of the following disclosures for each class of assets: I The line item(s) of the statement of profit or loss and other comprehensive income in which impairment losses are included.
II The amount of reversals of impairment losses during the period.
III The amount of impairment losses recognised directly in other comprehensive income.
IV The beginning and ending balances of any accumulated impairment account.

• A) I, II and III only.
• B) I, II, III and IV.
• C) II and IV only.
• D) IV only.

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Definitions:

Attractive

Qualities or features that are pleasing or appealing to the senses, especially aesthetically or in terms of personality.

Kind

Characterized by a caring, generous, and considerate nature towards others.

Socially Skilled

The ability to interact effectively and harmoniously with other people in various social contexts.

Higher

A term indicating a comparative level of elevation, degree, or importance over another reference point.