Discuss whether the board should adopt the director proposal

Reference no: EM132266868 , Length: word count:2000

Assignment Revaluations and impairment testing of non-current assets

Question 1 - Word limit: 250 words

One of the board of directors of Simba Ltd has proposed that the company adopt the revaluation model for fixed assets. Some of these assets are hard to obtain and certain items have increased in value in the current period, however it is difficult to know what their fair value is. The director is arguing that fair value will improve the 'look' of the company's Statement of Financial Position, and may eliminate the need for depreciation.

Required - Discuss whether the board should adopt the director's proposal.

Question 2 - Word limit: 250 words

'Impairment is only relevant to assets carried under the cost model. For assets carried under the revaluation model, such as our land and buildings, increases and decreases in fair value dictate whether carrying amounts are adjusted up or down. We don't bother testing land and buildings for impairment'.

Required - Critically evaluate the above statement.

Question 3 - Word limit: 1500 words

Find the Annual Report Medibank for 2018 on the Australian Securities Exchange (www.as.com.au). Evaluate this Annual Report consistent with the requirements of AASB 13/IFRS 13 Fair value Measurement, AASB 116/IAS 16 Property Plant and Equipment, and AASB 136/IAS 39 Impairment of Assets.

Required:

(a) Which assets are carried at fair value?

(b) State where and what disclosures regarding the fair value measurement of assets have been made.

(d) State where and what disclosures regarding the impairment of assets have been made.

Reference no: EM132266868

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Discuss whether the board should adopt the director proposal : Assignment Revaluations and impairment testing of non-current assets. Discuss whether the board should adopt the director's proposal

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Reviews

len2266868

3/26/2019 9:37:07 PM

Word Count: 2000. Formatting - Please be mindful that assignments are marked in electronic format. To assist with making the marking process efficient, effective and not time-consuming, you must comply with the following formatting requirements: Font: Times New Roman, 12 point, 1.5 line spacing. Document type: Your answer for all questions must be in Word format. This will allow the marker to use track-changes to indicate where you received marks. Please do not submit a pdf document as this will not be marked. Also, please do not submit an excel file for your figures and calculations or copy and paste a table from an excel spreadsheet for any calculations into your Word document. Use the"insert table" function within Word andtype all figures into the table. Show all calculations below the table. Ensure the marker will be able to use the track-changes function in Word to indicate in your table where you received or lost marks for your figures.

len2266868

3/26/2019 9:37:01 PM

Page: Portrait orientation. Footer: Your full name(s) and student ID(s), page number and number of pages (e.g. Cat Bird s0123456, page 1 of 3). Marking criteria sheet: Ensure you type in your name(s) and student ID(s) in the marking criteria sheet and ensure itis the first page of your submitted assignment. File saving convention: Include your student name(s) in the name of the file when you save the document, and ensure that you include the appropriate .doc or .docx at the end. For example, save your file as: Cat Bird.docx. Please note that 3marks are allocated for complyingwith the above requirements, including attaching the marking criteria sheet as the first page. Include the marking criteria sheet provided of this assignment as the first page to your submitted assignment. Please fill in your student name(s) and ID(s).

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