Which of the following is correct with respect to the "impairment loss"?
A)It is defined as the carrying amount less recoverable amount under IFRS.
B)It is defined as the carrying amount less recoverable amount under ASPE.
C)Under IFRS, it is defined as the sum of the undiscounted cash flows expected from use of the asset.
D)Under ASPE, it is defined as the sum of the undiscounted cash flows expected from use of the asset.

Question

Quizplus · Accepted Answer

Under IFRS, impairment loss is calculated as the carrying amount of an asset minus its recoverable amount.

Which of the Following Is Correct with Respect to the "Impairment