Under IAS 36/AASB 136 Impairment of Assets, How Many of These

question 14

Multiple Choice

Under IAS 36/AASB 136 Impairment of Assets, how many of these statements are true?
When an asset's carrying amount is less than its recoverable amount the asset is said to suffer impairment.
Impairment losses are accounted for as a revaluation decrease if the revaluation model is used.
Impairment losses must be recognised as an expense in that period if the cost model is used.

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Marx's Analysis

A theoretical approach developed by Karl Marx that focuses on class struggle, the dynamics of capitalist societies, and the relations between labor and capital.

Ruling Class

refers to the social class that holds the majority of political power and wealth in a society, often making decisions that affect the structure of the community.

Material Class

A grouping of individuals based on their economic position in society, often determined by their access to resources and wealth.

Conflict Theorists

refer to sociologists who emphasize the role of power and coercion in producing social order.