Topic covered: IAS 36 Impairment of Assets
(specifically, reversal of asset impairment)

Note: it is not necessary to purchase the question "Heavy Duty" in order to benefit from this Part 2 question.

Date prepared/updated: July 2011

Question length: 4 pages
Solution length: 5 pages

Required:
Determine if Heavy Duty has an amount to report under IAS 36 and if so, the nature and amount. If applicable, include the related journal entry and disclosures required in the December 31, 20X3 financial statements. (Appendix B includes formulas that may be useful.)

Copyright © 2012 – Quality Questions. All rights reserved.
No part of this document may be reproduced or transmitted in any form or by any means, or stored in a database or retrieval system, without the expressed written consent of Quality Questions.