Question

What information should be disclosed regarding the reconciliation of the gross and net carrying amounts of tangible assets?

a.

Only additions and disposals.

b.

Additions, disposals, acquisitions, and other movements, and the related depreciation.

c.

Only acquisitions and other movements.

d.

Only depreciation and impairment losses/reversals.

Posted under IC 89 Management Accounting

Answer: (b).Additions, disposals, acquisitions, and other movements, and the related depreciation. Explanation:The reconciliation of the gross and net carrying amounts of each class of tangible assets should include additions, disposals, acquisitions, and other movements, and the related depreciation and impairment losses/reversals.

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Q. What information should be disclosed regarding the reconciliation of the gross and net carrying amounts of tangible assets?
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