User Account

All Pages

Which assets are tested for impairment

Assignment Help Accounting Basics
Reference no: EM132266727

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.

(c) Which assets are tested for impairment?

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

Information related to above question is enclosed below:

Attachment:- Term119PartAQuestion.rar

Reference no: EM132266727

Questions Cloud

Effects of social media usage and an individuals mood : how the research was conducted. What form of data collection - The steps involved should also be reported with enough detail that another researcher would
Write-up that frames the benefits of an eportfolio : Prepare a reflective write-up that frames the benefits of an ePortfolio, resume, cover letter and other professional resources to showcase a person
Describe the components of a financial reporting system : Describe the meaning and the components of a financial reporting system. Write a description of how management should use an activity based budget instead.
How did plantation crops and the slavery system change : How did plantation crops and the slavery system change between 1800 and 1860? Why did these changes occur? 3-5 paragraphs
Which assets are tested for impairment : State where and what disclosures regarding the fair value measurement of assets have been made. Which assets are tested for impairment?
How did wage laborers respond to the new economy : In what ways did the emerging industrial economy conflict with artisan republicanism? How did wage laborers respond to the new economy?
How does e-waste affect the country and the environment : Assignment - Final Project/ Dissertation. Central question: How transparent are the Netherlands mobile industry with regards to their E-waste management
Why was the constitution a controversial document : Why was the Constitution a controversial document even as it was being written? 3-5 paragraphs
Develop a fraud prevention and detection policy for amazon : Develop a fraud prevention and detection policy for Amazon. Your fraud prevention and detection policy should cover the following issues.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate direct manufacturing labor variances

Basix Inc. calculates direct manufacturing labor variances and has the following information: Actual hours worked: 200.

  Would your answer be different in b if the productive

schopp inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of

  Discuss any specific statistical results that would help

BUAD 2060- Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

  Prepare the journal entry necessary to record the change

Holder-Webb Company began operations on January 1, 2012, Prepare the journal entry necessary to record the change in principle

  What amount of cash did ripley pay for interest

On February 1, 2016, borrowed $58,000 cash from the local bank. What amount of cash did Ripley pay for interest during 2016

  Which payments come at the beginning of each period

Which payments come at the beginning of each period

  How much total overhead will be allocated to this tool

Rossi Company produces a variety of garden tools in a highly automated manufacturing facility

  Should talk company make or buy the phones

Applying differential analysis to the situation, should Talk Company make or buy the phones

  Analysis of stockholders equity star corporation issued

1. analysis of stockholders equity star corporation issued both common and preferred stock during 20x8. the

  Compute the direct materials cost variance

Compute the direct materials cost variance, including its price and quantity variances

  Review problem on the budgets

Budgets are the driving force behind all organizations. Whether a manufacturing organization, or a service organization such as a medical or public accounting.

  Compute the least amount of amortization that recorded

The new patent has a legal and useful life of twenty years. Compute the least amount of amortization that could be recorded in 20X3

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd