Declarmen Corporation owns a factory in the United Kingdom. A change in business climate indicates that Declarmen should investigate for possible impairment. Below are dates related to the factory’s assets ($ in millions):

Book value	$	570
The undiscounted sum of future estimated cash flows		630
Present value of future cash flows		525
Fair value less cost to sell (determined by appraisal)		540

The amount of impairment loss that Declarmen should recognize according to International Financial Reporting Standards is:

Multiple Choice

• None.

• $30 million.

• $60 million.

• $45 million.

Answer rating: 100% (QA)

Answer Option b is correct 30 million Solution i Imp... View the full answer