Q1: The following information was taken from the fixed asset records of Bosco Ltd as of December 31, 2010:

Using IAS 36, what is the amount of Impairment Loss?

What is the amount of Impairment Loss under U.S. GAAP?

Using IAS 36, what is the recoverable amount?

Q2:The following inventory information above was taken from the records of GlobeKom Ltd.:

Under IAS 2, what should the Balance Sheet report for Inventory?

Q3: Assume that subsequent to your adjustment the expected selling price increases to $13,000. (All the rest of the facts are the same.) What adjustment to inventory should be made under IAS 2 after this event?

Q4: Chien Bleu Ltd. purchased a building in 2004 for 10,000,000 and as of December 31, 2010 had recorded accumulated depreciation on the building of 3,000,000. December 31, 2010 the company conducted its first revaluation when the fair value was 12,000,000. According to IAS 16, what account should be credited for 5,000,000?