Available Means That a Revenue or Other Financing Source Is

question 77

True/False

Available means that a revenue or other financing source is expected to be collected during the current fiscal period or within one month of the fiscal year end.

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Definitions:

Impairment

Reduction in the recoverable value of an asset below its carrying amount.

Recoverable Amount

The higher value between an asset's fair market value less costs to sell and its value in use.

AASB 136

The Australian Accounting Standards Board standard that deals with impairment of assets, requiring assets to be carried at no more than their recoverable amount.

Value In Use

The present value of the future cash flows expected to be derived from an asset, used in impairment testing.