06-05-2011, 12:53 AM
Danish, if that question was asked in an exam, you would have gotten very low marks as you have not answered the question. The question asks whether the FAIR value of the financial assets needs to be disclosed at each year end when they are measured at amortised cost.
The fair value is not needed to be disclosed as the entity tests the financial assets for impairement annualy.
In the notes all the details as to how impairement was charged is disclosed, including the selling price(normally the fair value) less costs to sell.
The fair value is not needed to be disclosed as the entity tests the financial assets for impairement annualy.
In the notes all the details as to how impairement was charged is disclosed, including the selling price(normally the fair value) less costs to sell.