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

Date prepared/updated: July 2011

Question length: 4 pages
Solution length: 4 pages

Determine if Heavy Duty has an impairment under IAS 36 and if so, the amount of the impairment loss. If applicable, include the related journal entry and disclosures required in the December 31, 20X1 financial statements. (Appendix B includes formulas that may be useful.)

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