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1) Explain the conditions under which assets and liabilities are derecognized. (5 marks a ) Why are assets impaired? (2 marks) With relevant examples, explain
1) Explain the conditions under which assets and liabilities are derecognized. (5 marks
a) Why are assets impaired? (2 marks)
With relevant examples, explain the following. (8 marks)
i) Property, plant and equipment
ii) Recoverable amount
iii.) Entity-specific value
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