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CA Final Ind AS 36 Impairment of Assets and Ind AS 38 Intangible Assets — practice questions — page 2

Explore 93 free Ind AS 36 Impairment of Assets and Ind AS 38 Intangible Assets questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 36 Impairment of Assets and Ind AS 38 Intangible Assets questions and exercises with answers

Showing questions 31–60 of 93.

An asset's loss share cannot go below fair value less costs, value in use or what?Read the answer and worked solution →What feature does a corporate asset have under Ind AS 36?Read the answer and worked solution →Surplus Rs 80, impairment Rs 110 on a revalued asset. Loss to profit or loss?Read the answer and worked solution →Carrying Rs 500, fair value less costs Rs 420, value in use Rs 450. Impairment loss?Read the answer and worked solution →Carrying Rs 800; sale price Rs 760 less Rs 20 costs; value in use Rs 700. Loss?Read the answer and worked solution →Plant held at Rs 300 sells net for Rs 350, value in use Rs 280. Loss to book?Read the answer and worked solution →Goodwill 60, A 240, B 160, recoverable 360. How much loss falls on A?Read the answer and worked solution →Two assets X Rs 300 and Y Rs 200 form a unit worth Rs 450. Y bears what loss?Read the answer and worked solution →Cost Rs 1,000, 5 year life, impaired to Rs 450 after year 2. Yearly depreciation now?Read the answer and worked solution →Cash inflow of Rs 121 arrives at the end of year 2 only. At a 10% discount rate, what is its value in use?Read the answer and worked solution →An earlier impairment loss can be reversed only if what has happened?Read the answer and worked solution →Reversal cannot lift carrying amount above what?Read the answer and worked solution →Cost 1,000; 5 years; impaired to 450 at year 2; recoverable 500 at year 3. New carrying amount?Read the answer and worked solution →How is a unit's impairment reversal allocated apart from goodwill?Read the answer and worked solution →An impairment loss recognised for goodwill is treated how in later periods?Read the answer and worked solution →Why is reversal of goodwill impairment prohibited?Read the answer and worked solution →Reversal of earlier impairment is not allowed for which asset?Read the answer and worked solution →Which is an internal indication of impairment?Read the answer and worked solution →If impairment is indicated but no loss arises, what is reviewed?Read the answer and worked solution →Under Ind AS 38, an intangible asset is defined as what?Read the answer and worked solution →Identifiable means separable or arising from what?Read the answer and worked solution →Which two criteria apply to recognising an intangible?Read the answer and worked solution →A separately acquired intangible asset is initially measured at what?Read the answer and worked solution →Cost of a bought intangible is price plus which element?Read the answer and worked solution →Which cost is not part of an intangible asset's cost under Ind AS 38?Read the answer and worked solution →How are advertising costs of launching a new product treated?Read the answer and worked solution →Internally generated goodwill is treated how under Ind AS 38?Read the answer and worked solution →How is research phase expenditure accounted for?Read the answer and worked solution →Why is research phase expenditure expensed under Ind AS 38?Read the answer and worked solution →Which is an example of a research activity?Read the answer and worked solution →

Worked practice questions

An asset's loss share cannot go below fair value less costs, value in use or what?

  1. Nil (zero)
  2. Original cost
  3. Residual cost
  4. Scrap price
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Correct answer: A. Nil (zero)

The floor is the highest of fair value less costs of disposal, value in use (if determinable) and zero.

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What feature does a corporate asset have under Ind AS 36?

  1. Generates its own inflows
  2. Is never impairment tested
  3. Is always acquired goodwill
  4. Helps several units earn cash
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Correct answer: D. Helps several units earn cash

Corporate assets contribute to the cash flows of the unit under review and other units, and do not generate separate inflows.

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Surplus Rs 80, impairment Rs 110 on a revalued asset. Loss to profit or loss?

  1. Rs 110
  2. Rs 80
  3. Rs 30
  4. Nil
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Correct answer: C. Rs 30

Rs 80 reduces the revaluation surplus through OCI, and the excess Rs 30 is charged to profit or loss.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment PropertyInd AS 103 Business Combinations