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SECTION C ANSWER ONE QUESTION Question 4 (15 marks) a. Explain the terms impairment and carrying amount in accordance with IAS 36. (5 marks) b.

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SECTION C ANSWER ONE QUESTION Question 4 (15 marks) a. Explain the terms impairment and carrying amount in accordance with IAS 36. (5 marks) b. Explain the term non-adjusting event in accordance with IAS 10. (5 marks) c. explain the term cash equivalent in accordance with IAS 7. (5 marks) Question 5 (15 marks) a. Outline the process in setting an accounting standard. (5 marks) b. Explain the term adjusting event in accordance with IAS 10. (5 marks) c. In accordance with IAS 1 what should a complete set of financial statements include

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