What is the impairment loss for collier company under a, Ask an Expert

Accounting

The information provided below is related to equipment owned by Collier Company at December 31, 2007.

Cost $5,000,000
Accumulated Depreciation 2,000,000
Expected future net cash flows (undiscounted) 3,000,000
Expected future net cash flows (discounted) 2,700,000
Fair value 2,500,000
Remaining useful life of asset 3 Years

What is the impairment loss for Collier Company under a) IFRS and b) US GAAP?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402909

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