IFRS Disclosure Requirements for Asset Impairment
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Questions and Answers

What information should an entity disclose regarding impairment losses on revalued assets recognized in profit or loss during the period?

  • The amount of impairment losses on revalued assets and the line item(s) in the statement of comprehensive income where they are included (correct)
  • The amount of reversals of impairment losses on revalued assets recognized in other comprehensive income
  • The amount of reversals of impairment losses on revalued assets and the line item(s) in the statement of comprehensive income where they are reversed
  • The amount of impairment losses on revalued assets recognized in other comprehensive income

How should a class of assets be defined according to the text?

  • A grouping of different types of assets in an entity's operations
  • A grouping of assets with similar nature and use in an entity's operations (correct)
  • A grouping of assets with different uses but similar natures
  • A grouping of assets with different natures but similar uses

In what circumstances can the information required in paragraph 126 be presented along with other information for the class of assets?

  • Only when preparing financial statements for external stakeholders
  • When there are no changes in the class of assets during the reporting period
  • Only when there are no other disclosures required for the class of assets
  • When presenting a reconciliation of the carrying amount of property, plant and equipment per IAS 16 (correct)

What specific disclosure is required for each reportable segment when an entity reports segment information in accordance with IFRS 8?

<p>Impairment losses recognized in profit or loss and in other comprehensive income during the period (B)</p> Signup and view all the answers

Where should an entity disclose impairment losses recognized in profit or loss during the period?

<p>In the statement of comprehensive income (B)</p> Signup and view all the answers

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