If an Impairment Loss Recognised in Prior Periods for a Revalued

question 73

Multiple Choice

If an impairment loss recognised in prior periods for a revalued asset no longer exists,IAS 36 Impairment of Assets requires a reporting entity to:

• A)reverse the impairment loss to increase the asset to its recoverable amount.
• B)reverse the impairment loss in profit and loss, only if the asset adopts the revaluation model.
• C)treat this as a prior period adjustment and recognise the reversal as a gain.
• D)ignore this information as previously written off assets are precluded from being reinstated.

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Definitions:

Collectivist Cultures

Cultures in which the self is regarded as embedded in relationships, and harmony with one’s group is prized above individual goals and wishes.

Personal Goals

Individual objectives, targets, or aspirations that a person aims to achieve or accomplish.

Value Duty

The ethical obligation or responsibility to uphold certain values or moral principles.

Childrearing Methods

Various strategies and practices employed by parents or guardians to nurture and educate children, influencing their development and behavior.