Business, 09.12.2020 06:20 ericlawton

WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $40 million approximates fair value less costs to sell and that the present value of SCC’s estimated future cash flows is $41 million; book value of SCC’s net assets (including goodwill), $42 million. If Web-Helper prepares its financial statements according to IFRS and SCC is considered a cash-generating unit. What amount of impairment loss, if any, should WebHelper recognize?

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WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 mil...

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