Recoverable Amount of an Asset Is Defined in AASB 136

question 28

Multiple Choice

Recoverable amount of an asset is defined in AASB 136 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.
• E) None of the given answers.

---

Definitions:

Retrograde Amnesia

A memory disorder characterized by an inability to recall events or information that were acquired before the onset of the amnesia.

Working Memory

A cognitive system responsible for temporarily holding information available for processing, important for reasoning, learning, and comprehension.

Sensory Modality

Refers to the different ways in which sensory information is processed by the human body, including vision, hearing, touch, taste, and smell.

Sensory Memories

The shortest-term element of memory, which stores impressions of sensory information after the original stimuli have ended.