Recoverable Amount of an Asset Is Defined in AASB 136

question 66

Multiple Choice

Recoverable amount of an asset is defined in AASB 136 as the higher of its fair value less costs to sell and its value in use.In the case where an asset's carrying amount is less than its recoverable amount,which action is consistent with AASB 136?

• A) recognise difference as increase is asset revaluation reserve
• B) recognise difference as impairment loss
• C) recognise difference as gain from reinstatement of asset
• D) leave asset at its carrying amount

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Definitions:

Being In The Red

A financial term indicating that a business or individual is operating at a loss or spending more money than is being earned.

CPT

Stands for Current Procedural Terminology, a set of medical codes used to describe healthcare procedures and services for billing purposes.

Evaluation And Management

A systematic process for assessing and addressing patient's health status and managing their care effectively, often involving coding and billing practices.

Fraudulent Coding

Incorrectly assigning medical billing codes to inflate billing or for services that were not rendered, often resulting in fraud.