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the information that follows relates to equipment owned by gaurav limited at december 312023 cost...

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Accounting

the information that follows relates to equipment owned by gaurav limited at december 312023 cost 10000000 accumulated depriciation to date 2000000 expected future net cash flows(undiscounted)7000000 expected future net cash flows (discounted,value in use)6350000 fair value 6200000 costs to sell (costs of disposal )50000 assume that Gaurav will continue to use this asset in the future ,as of decembe31,2023 the equipment has remaining a useful life of four years Gaurav uses the straight -line method of depriciation , c) referring to the qualitative characteristics identified in the conceptual framework forfinancial reporting discuss the difference between thecost recovery impairment model and the rational entity impairment model which method is preferred ?

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