Assume Fair Value of a Vehicle Is $14,000, Value in Use

question 113

Essay

Assume fair value of a vehicle is $14,000, value in use is $14,500, and carrying value $15,500. Is the asset impaired under IFRS? If so, what is the impairment loss?

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Definitions:

Dualism

Philosophical position that both a nonmaterial mind and a material body contribute to behavior.

Persistent Vegetative State (PVS)

Condition in which a person is alive but unaware, unable to communicate or to function independently at even the most basic level.

Minimally Conscious State (MCS)

Condition in which a person can display some rudimentary behaviors, such as smiling or uttering a few words, but is otherwise not conscious.

Common Ancestor

The latest common ancestor shared by all beings within a specific group.