11 January 2022

Impairment: future concerns

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. When is the next accounting standard proposed to be issued?

  2. What standard covers impairment of assets?

  3. What is the recoverable amount of an asset?

  4. Which, if any, of the following items can impairment be reversed on? Item 1 - Property, plant and equipment, or item 2 - Goodwill?

  5. Which was NOT identified as a problem with the value in use calculation used by entities?

  6. What is the proposed action of the IASB in relation to IAS 36?

  7. What impact would entity-specific stated commitments related to climate have on its financial statements?

  8. What is the name of the new body looking at sustainability standards?

  9. Which, if any, of the following statements is true? Statement 1 - The IASB concluded that the impairment calculation cannot be improved, or Statement 2 - The IASB acknowledges that standard setting cannot solve the problem?

  10. Which of these is not subject to an annual impairment review?

1 Unit