1. Define impairment of an asset
2. Explain the basic principle of asset impairment
3. Enumerate the three accounting issues related to impairment of assets.
4. What are the indicators of impairment for individual assets?
5. What is the basis for the recoverable amount of an asset? Briefly describe each basis.
6. How to compute the value in use?
7. When is it determined that an asset is impaired?
8. Differentiate between assessment for impairment and test for impairment.
9. What is the journal entry to record an impairment loss?
10. Explain the reversal of impairment loss and how to calculate it.
11. How do we determine the impairment of an individual asset if it's not possible to estimate its recoverable amount?
12. What is included in the determination of the carrying amount of a cash generating unit?
13. How do we allocate the impairment loss across assets of a cash generating unit?
14. What is the limitation of allocating the impairment loss across assets of a cash generating unit?
15. Explain the impairment of a cash generating unit with goodwill.
16. Can we reverse the impairment of goodwill? Why or why not?
17. Explain the derecognition of property, plant and equipment.