Reference no: EM132560177

Question 1: A non- current asset is classified as held for sale . on the date of classification , immediately prior to the transfer to the held for sale classification, the asset had ; a cost of $100000, accumulated depreciation of $40000(10% per annum , straight line over 4 years); and accumulated impairment losses in terms of IAS 36 of $15000. The asset was than impaired terms of IFRS 5 by $10000. Assume that the above asset had not yet been sold at the end of the following reporting date.at which point its fair value less cost to sell was $75000

A, The impairment loss reversal will be $15000

B, The impairment loss reversal will be $40000

C,The impairment loss reversal will be 10000

D, None of the statements are correct

E, The impairment loss reversal will be $25000