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This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory.
1000 word short essay about the following:
At 30 June 2014, Longreach Ltd is considering undertaking an impairment test. Having only recently adopted the international accounting standards, the management of Longreach Ltd seeks your advice in relation to this test under AASB 136 /mpairment of Assets.
Write a report to management, specifically explaining:
Crossbow Ltd iS an entity that specialises in the manufacture of leather footwear for women. It has aggressively undertaken a strategy of buying out other companies that had competing products. These companies were liquidated and the assets and liabilities brought into Crossbow Ltd.
At 30 June 2015, Crossbow Ltd reported the following assets in its statement of financial position:
Land $200 000
Inventory products 180 000
Brand _Crossbow Shoes' 160 000
Shoe factory 700 000
Machinery for manufacturing shoes 400 000
Goodwill on acquisition of competing companies 40 000
Because of the competition from overseas as customers pursue a strategy of buying online rather than visit Crossbow Ltd's stores, Crossbow Ltd assessed its impairment position at 30 June 2015. The indicators suggested that an impairment loss was probable. Crossbow Ltd calculated a recoverable amount of its company of $1 420 000. The fair value less costs of disposal of the land was $171 000.
Prepare the journal entry(ies) for any impairment loss occurring at 30 Jun 2015
Answer: (Please note, this is not the entire answer, but only a part of the answer)
Impairment of Assets
As per Para 8 when the carrying value of an asset is greater than the recoverable value then the asset is considered as impaired. The recoverable amount is the amount that can be recovered through sale or usage of the asset. The standard requires the entities to recognize the asset at its recoverable amount in the financial statements and the impairment loss is also recognized. The standard also prescribes about the circumstances under which the impairment loss might be reversed and the procedures and disclosures that would be required for reversing such impairment loss. The standard applies to all the classes of asset except the following which are covered by another standard:-
In the books of Crossbow Ltd. Journal
|Impairment Loss Debit||260000||-|
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