Part A – Revaluations and languor testing of non-vulgar proceeds 15 Marks
1 Word limit: 250 words
One of the consultation of guides of Simba Ltd has projected that the guild inoculate the revaluation design for agricultural proceeds. Some of these proceeds are dense to achieve and indubitable items own increased in compute in the vulgar continuance, however it is enigmatical to recognize what their equitable compute is. The guide is arguing that equitable compute achieve amend the ‘look’ of the guild’s Proposition of Financial Position, and may exclude the scarcity for diminution.
Discuss whether the consultation should inoculate the guide’s tender. (5 marks)
Question 2 Word limit: 250 words
‘Impairment is simply bearing to proceeds carried below the require design. For proceeds carried below the revaluation design, such as our fix and buildings, increases and decreases in equitable compute instruct whether carrying amounts are adjusted up or down. We don’t stir testing fix and buildings for languor’.
Critically evaluate the over proposition. (5 marks)
Question 3 Word limit: 1 500 words 32 Marks
Find the Annual Report Medibank for 2018 on the Australian Securities Exchange (www.as.com.au). Evaluate this Annual Report compatible delay the requirements of AASB 13/IFRS 13 Fair compute Measurement, AASB 116/IAS 16 Property Plant and Equipment, and AASB 136/IAS 39 Impairment of Assets.
(a) Which proceeds are carried at equitable compute? (2 marks)
(b) State where and what disclosures concerning the equitable compute measurement of proceeds own been made. (15 marks)
(c) Which proceeds are tested for languor? (2 marks)
(d) State where and what disclosures concerning the languor of proceeds own been made. (13 marks)