Which of the following is required to be disclosed for each class of assets?
I the amount of impairment losses recognised in profit or loss during the period
II the amount of reversals of impairment losses recognised in profit or loss during the period
III the amount of impairment losses on revalued assets recognised directly in equity during the period; and
IV the amount of reversals of impairment losses on revalued assets recognised directly in other comprehensive income during the period.
A) III and IV only;
B) I, II, III and IV;
C) I, II and III only;
D) I and II only.

Question

Which of the following is required to be disclosed for each class of assets? 
I the amount of impairment losses recognised in profit or loss during the period
II the amount of reversals of impairment losses recognised in profit or loss during the period
III the amount of impairment losses on revalued assets recognised directly in equity during the period; and
IV the amount of reversals of impairment losses on revalued assets recognised directly in other comprehensive income during the period.
A) III and IV only;
B) I, II, III and IV;
C) I, II and III only;
D) I and II only.

Quizplus · Accepted Answer

The correct answer is B) I, II, III, and IV. According to financial reporting standards, for each class of assets, it is required to disclose the amount of impairment losses recognized in profit or loss during the period, the amount of reversals of impairment losses recognized in profit or loss during the period, the amount of impairment losses on revalued assets recognized directly in equity during the period, and the amount of reversals of impairment losses on revalued assets recognized directly in other comprehensive income during the period. This comprehensive disclosure ensures transparency and provides a clear picture of the financial health and management of assets within an entity.

Which of the Following Is Required to Be Disclosed for Each