Question
In: Accounting
Issue 3: My next issue relates to the sale of non-current assets within the Group. The...
Issue 3:
My next issue relates to the sale of non-current assets within the Group. The adjustments to Depreciation and Accumulated Depreciation in the worksheet is very confusing. I don’t understand why we should be making any adjustments to these accounts which have nothing to do with the sale of a non-current asset. Why do we need this entry?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Below are a number of statements relating to IFRS 5 Non-current Assets Held for Sale and...
Below are a number of statements relating to IFRS 5 Non-current
Assets Held for Sale and Discontinued Operations. Which one of
these statements is true?
The main objective of IFRS 5 is to specify the disclosure
requirements of non-current assets held for sale IFRS 5 only
applies to those reporting entities whose securities are listed on
an international stock exchange
The IFRS 5 definition of a discontinued operation cannot be met
unless the operations were previously disclosed as a separate...
an impairment of a non current asset held for sale:
an impairment of a non current asset held for sale:
QUESTION 1 The objective of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations specifies,...
QUESTION 1
The objective of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations specifies, amongst other things, accounting
for and presentation and disclosure of discontinued operations.
Radar’s sole activity is the operation of hotels all over the
world. After a period of declining profitability, Radar’s directors
made the following decisions during the year ended 31 December
2019:
• it disposed of all of its hotels in country A
• it refurbished all of its hotels in country B...
Topic on: Non-Current Assets Held For Sale On January 1, 2020, Racelle Company purchased land at...
Topic on: Non-Current Assets Held For Sale
On January 1, 2020, Racelle Company purchased land at a cost of
P6,000,000. The entity used the REVALUATION MODEL for this
asset.
The fair value of the land was P7,000,000 on Dec. 31, 2020 and
P8,500,000 on Dec 31, 2021.
On July 1, 2022, the entity decided to sell the land and
therefore classified the asset as held for sale.
The fair value of the land on July 1, 2022 is P7,600,000. The...
On December 31, 2015, Valur Co. had the following available-for-sale investment disclosure within the Current Assets...
On December 31, 2015, Valur Co. had the following
available-for-sale investment disclosure within the Current Assets
section of the balance sheet: 1 Available-for-sale investments (at
cost) $145,000.00 2 Plus valuation allowance for available-for-sale
investments 40,000.00 3 Available-for-sale investments (at fair
value) $185,000.00 There were no purchases or sales of
available-for-sale investments during 2016. On December 31, 2016,
the fair value of the available-for-sale investment portfolio was
$200,000. The net income of Valur Co. was $210,000 for 2016.
Compute the comprehensive...
What are current assets? How are they shown on the balance sheet? What are non-current assets?...
What are current assets? How are they shown on the balance
sheet?
What are non-current assets? How are they shown on the balance
sheet?
QUESTION 6 Define the following terms a. Current assets b. Non current assets c. Current liabilities...
QUESTION 6 Define the following terms
a. Current assets
b. Non current assets
c. Current liabilities
d. Non current liabilities
e. Share capital
A non current asset is classified as held for sale. On the date of classification, immediately...
A non current asset is classified as held for sale. On the date
of classification, immediately prior to the transfer to the 'held
for sale' classification, the asset had: a cost of $100 000,
accumulated depreciation of $40 000(10% per annum, straight line
over 4 years); and accumulated impairment losses in terms of IAS 36
of $15 000. The asset was then impaired in terms of IFRS 5 by $10
000. Asume that the above asset had not yet been...
A non current asset is classified as held for sale. On the date of classification, immediately...
A non current asset is classified as held for sale. On the date
of classification, immediately prior to the transfer to the 'held
for sale' classification, the asset had: a cost of $100 000,
accumulated depreciation of $40 000(10% per annum, straight line
over 4 years); and accumulated impairment losses in terms of IAS 36
of $15 000. The asset was then impaired in terms of IFRS 5 by $10
000. Asume that the above asset had not yet been...
How are current assets different from non-current assets? Can you provide an example of each? URGENT:...
How are current assets different from non-current assets? Can
you provide an example of each?
URGENT: NEED ANSWER ASAP
PLEASE RESPOND WITH COPY AND PASTE, NOT ATTACHMENT USE
ORIGINAL CONTENT NOT USED BEFORE ON CHEGG
PLEASE ANSWER THROUGHLY TO ALL ANSWER TO BEST ABILITES
ORIGINAL SOURCE NEVER USED BEFORE!!!
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