AASB 136 Impairment of Assets Requires Disclosures About Estimates and Judgements

question 20

True/False

AASB 136 Impairment of Assets requires disclosures about estimates and judgements made in the impairment testing process.

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Definitions:

Accounting Records

Documentation and books involved in preparing financial statements, including ledgers, journals, and other evidence of transactions.

Allowance For Doubtful Accounts

A contra asset account on a company's balance sheet that represents the estimated portion of accounts receivable that may not be collectible.

Accounts Receivable

Funds that clients or customers owe to a company for products or services already provided but have yet to be paid for.

Partnership Agreement

A legal document that specifies the rights, responsibilities, and distribution of profits and losses among partners in a business partnership.