02 May Question15 Marks1 Word limit: 250 wordsOne of the board of director
Question
15 Marks
1 Word limit: 250 words
One of the board of directors of Simba Ltd has proposed that the company adopt the revaluation model for fixed assets. Some of these assets are hard to obtain and certain items have increased in value in the current period, however it is difficult to know what their fair value is. The director is arguing that fair value will improve the ‘look’ of the company’s Statement of Financial Position, and may eliminate the need for depreciation.
Required
Discuss whether the board should adopt the director’s proposal. (5 marks)
Question 2 Word limit: 250 words
‘Impairment is only relevant to assets carried under the cost model. For assets carried under the revaluation model, such as our land and buildings, increases and decreases in fair value dictate whether carrying amounts are adjusted up or down. We don’t bother testing land and buildings for impairment’.
Required
Critically evaluate the above statement. (5 marks)
Question 3 Word limit: 1 500 words 32 Marks
Find the Annual Report Medibank for 2018 on the Australian Securities Exchange (www.as.com.au). Evaluate this Annual Report consistent with the requirements of AASB 13/IFRS 13 Fair value Measurement, AASB 116/IAS 16 Property Plant and Equipment, and AASB 136/IAS 39 Impairment of Assets.
Required:
(a) Which assets are carried at fair value? (2 marks)
(b) State where and what disclosures regarding the fair value measurement of assets have been made. (15 marks)
(c) Which assets are tested for impairment? (2 marks)
(d) State where and what disclosures regarding the impairment of assets have been made. (13 marks)
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