Question 16. In accordance with IAS 36 Impairment of Assets, which of the following circumstances indicate that the impairment of an asset has taken place?
Recoverable amount is higher than existing carrying amount
Recoverable amount is lower than existing carrying amount
Value in use is higher than fair value less costs to sell
Value in use is lower than fair value less costs to sell
Note: You will be able to review all of your answers on a summary sheet at the end of the assessment. To highlight entries for specific review in the summary sheet, click the 'Mark question for review box' below.