Indicate whether the following statement is true or false:

Entities are required to compare, at reporting date, the carrying amount of each item of property plant and equipment with that item’s recoverable amount. If the carrying amount exceeds the recoverable amount, that asset is considered to be impaired.

Entity A owns land worth C2 000 000. The entity is still undecided on how to utilise the land. In situations such as this, (i.e. where the intended use of the land is still undecided), the land should be accounted for as property plant and equipment instead of as investment property.

Indicate whether the following statement is true or false:

 Before an item may be recognised as an intangible asset, the entity must have control over that item. 

Indicate whether the following statement is true or false:

 The entity is required to estimate the recoverable amounts of intangible assets that are ‘not yet available for use’ whether or not there is an indication of impairment. However, if a recent and detailed calculation of such an asset’s recoverable amount existed from a prior year, it is possible, under certain circumstances, for yet another, revised calculation of the estimated recoverable amount to be avoided (and the prior but recent estimation of recoverable amount to be used instead).

Indicate whether the following is true or false: 

The fair value of each investment property must be determined whether or not the cost model or fair value model is used to measure the entity’s investment properties.

Indicate whether the following statement is true or false:

 Intangible assets that are ‘available for use and have finite useful lives’ are tested for impairment at reporting date, but intangible assets that are ‘available for use but have indefinite useful lives’ and intangible assets that are ‘not yet available for use’ may be tested for impairment at any time during the year with the only condition being that they are tested at the same time every year.

Indicate whether the following statement is true or false:

 All intangible assets must be amortised.

Indicate whether the following is true or false.

If an entity, which measures its investment properties using the fair value model, acquires an investment property that is under construction and for which a fair value is currently not reliably measurable, this property must be measured using the cost model until date of disposal, even if a fair value for this property subsequently becomes available.

Indicate whether the following statement is true or false:

 Intangible assets are able to be categorised into those that have finite useful lives and those that have infinite useful lives.

Indicate whether the following is true or false. 

 If an entity acquires an investment property (not under construction) for which it concludes that fair values will not be reliably measurable on a continuing basis, this property and all other investment properties must be measured using the cost model (i.e. the fair value model may not be used as the accounting policy for measuring investment property).