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Airwave Corporation an IFRS reporter was required to write down one of its plant assets by $ 1,650,000 on December 31 of the current year because the asset’s technology was rendered obsolete

Airwave Corporation, an IFRS reporter, was required to write down one of its plant assets by $ 1,650,000 on December 31 of the current year because the asset’s technology was rendered obsolete. It used a discounted cash flow model to estimate the asset’s value in use. It projected future cash flows for the next five years and used a 9% cost of capital for this purpose. The value in use was higher than the estimated fair value less selling costs. Prepare the footnote disclosure for the impairment loss.

May 14 2020 View more View Less

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