Which of the Following Statements Is Incorrect Regarding the Recognition

question 25

Multiple Choice

Which of the following statements is incorrect regarding the recognition of an impairment loss?

• A)when an impaired asset is recorded at cost,the impairment loss must be recognised immediately as an expense in the statement of comprehensive income
• B)any impairment loss of a revalued asset shall be treated as a revaluation decrease in accordance with AASB 116
• C)when an impaired asset is recorded at cost,the impairment loss must be recognised as a revaluation decrease
• D)when an impaired asset is recorded at cost,the impairment loss must be recognised immediately in profit or loss

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Definitions:

Ruble

The Ruble is the official currency of Russia, historically subject to fluctuations and significant changes over time.

Current Account Surplus

A current account surplus occurs when a country's total exports of goods, services, and transfers exceed its total imports, indicating it is earning more from foreign trade than it is spending.

Unilateral Tariff

Tariffs imposed by one country on the imports from all or specific nations, without reciprocal action.

Imported Goods

are items brought into a country from abroad for sale or use, typically involving a transaction between an importer and a foreign producer.