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Which statements about ias impairment of assets is incorrect

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Reference no: EM132823422

Problem 1: Which of the following statements about IAS 36 Impairment of Assets is INCORRECT?

option 1: Recoverable amount is the higher of: - value in use - fair value less costs to sell
option 2: Impairment occurs when the carrying amount of an asset is less than its recoverable amount
option 3: Under certain circumstances, it is possible to revererse an impairment loss.
option 4: At each reporting date, an entity must assess whether or not there are any indications of impairment

Reference no: EM132823422

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