Which statement concerning AASB 136 'Impairment of Assets' is incorrect?
A) The upper limit on the carrying amount of an asset's 'recoverable amount' is to be applied irrespective of whether the cost model or the revaluation model is being used for the asset
B) Recoverable amount is the net amount that is expected to be recovered through the use or sale of the asset
C) The write down to recoverable amount must be recognised as an impairment loss in the income statement for the period
D) A non-current asset must be written up to its recoverable amount when its recoverable amount is greater than its carrying amount
Correct Answer:
Verified
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