In relation to the impairment of assets,AASB 136 Impairment of Assets requires which of the following disclosures for each class of assets?
I The line item(s)of the income statement in which impairment losses are included.
II The amount of reversals of impairment losses on revalued assets.
III The amount of impairment losses recognised in profit or loss.
IV The amount of impairment losses on revalued assets.
A)I,II,III and IV
B)I,II and III only
C)II and IV only
D)IV only

Question

Quizplus · Accepted Answer

AASB 136 requires disclosures of all listed items: the line item(s) of the income statement where impairment losses are included, the amount of reversals of impairment losses on revalued assets, the amount of impairment losses recognized in profit or loss, and the amount of impairment losses on revalued assets.

In Relation to the Impairment of Assets,AASB 136 Impairment of Assets