Question 1 0.5 pts IFRS does not allow for the reversal of impairments if situations change (p,p,e, inventory and intangible assets) True False Question 4 0.5 pts ASC 606 is moving GAAP closer to IFRS True False Question 5 0.5 pts IAS 39 was developed to delay recording of loan loss until it was deemed to be permanent. True False Question 6 0.5 pts Under IAS 36 Impairment of Assets Carrying amount is the amount at which an asset is recognised A and B A- After deducting any accumulated depreciation (amortization) A and C B- After deducting accumulated impairment losses, if any C- Before deducting accumulated impairment losses, if any Question 7 0.5 pts IFRS 9 provides accounting guidance on how to value inventories. True False Question 8 0.5 pts In IFRS the accounting guidance for inventory uses the term " net realizable value" what does that mean? The estimated cost of completion less selling price in the ordinary course of business The estimated selling price in the ordinary course of business plus the estimated costs of completion less the estimated costs necessary to make tThe estimated selling price in the ordinary course of business plus the estimated costs of completion less the estimated costs necessary to make the salehe sale The estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale The estimated costs necessary to make the sale plus selling price in the ordinary course of business less the estimated costs of completion