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Calculate the impairment loss for the building

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Reference no: EM132933521

Question - A company is evaluating a building for possible impairment. Information relating to the building at December 31, 2020:

Original cost $12,500

Accumulated depreciation 10,000

Value in use 2,250

Fair value 2,200

Costs to sell 200

Undiscounted future cash flows 3,000

a) Perform the impairment test for the building at December 31, 2020 assuming ASPE is used. Calculate the impairment loss, if any, for the building.

b) Re-perform the impairment test assuming IFRS is used.

Reference no: EM132933521

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