Scenario 3: Assume that Jacob had not yet sold the office furniture division by the end of 2016. Further, assume that the fair value less costs to sell of the division's assets at December 31, 2016, was $11.60 million and was expected to remain the same when the assets are sold in 2017. The book value of the division's assets was $18.64 million at the end of the year. Required: Under these assumptions, what would Jacob report in its 2016 income statement regarding the office equipment division? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)

Question

22-01-2020
Business

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Scenario 3: Assume that Jacob had not yet sold the office furniture division by the end of 2016. Further, assume that the fair value less costs to sell of the division's assets at December 31, 2016, was $11.60 million and was expected to remain the same when the assets are sold in 2017. The book value of the division's assets was $18.64 million at the end of the year. Required: Under these assumptions, what would Jacob report in its 2016 income statement regarding the office equipment division? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)

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Answer:

According to IAS 36 Impairment of Assets says that impairment must be launched when it is clear that the carrying value of the asset is higher than fair value less cost to sell or value in use.

In this question, we can see that the carrying value which is $18.64m is higher than $11.6m by $7.04m (18.64-11.6).

Dr. Impairment Loss $7.04m

CR. Accumulated Impairment Loss $7.04

The (Dr.) impairment Loss Should be Reported in the statement of comprehensive income as an Expense and (CR.) Accumulated Impairment Loss would reduce the Carrying Amount of the Respective Asset in the balance sheet.