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Which the expected credit loss model impairment gain is

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Reference no: EM132836613

Problem 1: Under the expected credit loss model impairment gain is

a. Recognized in profit or loss

b. Computed as the difference between the present value of the remaining future cash flows discounted at the current rate and the current carrying amount of the receivable

c. Computed as the difference between the carrying amount of the receivable had there been no previous impairment and the current carrying amount of the receivable

d. Never recognized

Problem 2: Financial assets are derecognized when

a. The entity becomes a party to the contractual provisions of the instrument

b. The contractual rights to the cash flows from the financial asset expire

c. The financial assets are transferred and the transfer qualifies for derecognition

d. B or C

Reference no: EM132836613

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