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QUESTION
OrangeApples Ltd conducted an impairment test at 30 June 2017.
- OrangeApples Ltd conducted an impairment test at 30 June 2017. Indicators suggested that an impairment loss was probable for the Devonport CGU, due to poor summer rainfall levels and as a consequence lower quantities and quality of the available produce. In addition the Bureau of Meteorology is forecasting an El Nino weather pattern will form during the remainder of 2017. OrangeApples calculated the recoverable amount of the Devonport CGUs as $1.3million. The carrying amounts of the assets and liabilities of the Devonport CGU are provided above at point (b). The land held by the Devonport CGU is considered to have a fair value less cost of disposal of $172 500.
