If an Impairment Loss Recognised in Prior Periods for a Revalued

question 74

Multiple Choice

If an impairment loss recognised in prior periods for a revalued asset no longer exists,AASB 136 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:

Dendrite

Branch-like projections of a neuron that receive electrical signals from other neurons, crucial for neural communication.

Neuron

A nerve cell that is the basic building block of the nervous system, responsible for transmitting information throughout the body.

Infant Brain

The developing brain of a child from birth to around the age of three years, which undergoes rapid growth and development.

Adult Weight

The weight or body mass of an individual after reaching full physical maturation, often used in health and medical assessments to evaluate well-being and lifestyle risks.