Impress Ltd wishes to test its business premises for impairment, and the following information is provided about this building at December 31, 2020:

Undiscounted expected future cash flows from use

$600,000

Present value of expected future cash flows from use

$450,000

Carrying value of the premises (i.e. Net book value)

$500,000

Selling price (i.e. fair value) of the property

$450,000

Selling costs associated with asset disposal

$50,000

10. In accordance with U.S. GAAP, the impairment loss on the property is

A)There is no impairment under US GAAP

B)$100,000

C)$150,000

D)$50,000

11.In accordance with IFRS, the impairment loss on the property is.

A)There is no impairment under IFRS

B)$100,000

C)$450,000

D)$50,000