alleryStart learning →An impairment loss is recognised:
ADirectly in reserves in every case
BOver the remaining useful life
CAs an expense in profit and loss at once
DAt the end of the next financial year
Answer & Solution
Correct answer: C. As an expense in profit and loss at once
The loss is charged to profit and loss at once, unless the asset is carried at a revalued amount.
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Related questions
An enterprise applying AS 17 discloses impairment losses by:A revalued asset's market value basis and negligible disposal costs mean the asset is:For a small and medium-sized company, value in use may be measured by:Impairment of deferred tax assets is dealt with under:Disclosing key assumptions is:If recoverable amount is value in use, a material loss disclosure includes:A class of assets under AS 28 means a grouping of assets of:AS 28 disclosures of impairment losses are required for each: