Multiple choice

AS 28 should be applied in accounting for impairment of all assets, except

  1. inventories (AS 2) and assets arising under construction contracts (AS 7)

  2. financial assets including investment covered under AS 13 and deferred tax assets (AS 22)

  3. Both (1) and (2)

  4. financial assets
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

AS 28 should be applied in accounting for impairment of all assets except options 1 and 2 because they are not considered under assets. They are considered under inventories.

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