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1. Although the objectives and purposes of not-for-profit entities are different from those of commercial entities, the accounting requirements of not-for-profit entities are moving closer to those entities to which IFRSs apply.
Which of the following IFRS requirements would NOT be relevant to a not-for-profit entity?
A Preparation of a statement of cash flows
B Requirement to capitalise a finance lease
C Disclosure of earnings per share
D Disclosure of non-adjusting events after the reporting date
2. Riley acquired a non-current asset on 1 October 2009 at a cost of $100,000 which had a useful economic life of ten years and a nil residual value. The asset had been correctly depreciated up to 30 September 2014. At that date the asset was damaged and an impairment review was performed. On 30 September 2014, the fair value of the asset less costs to sell was $30,000 and the expected future cash flows were $8,500 per annum for the next five years.
The current cost of capital is 10% and a five year annuity of $1 per annum at 10% would have a present value of $3·79
What amount would be charged to profit or loss for the impairment of this asset for the year ended 30 September
2014?
A $17,785
B $20,000
C $30,000
D $32,215
