Question
In: Accounting
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 business segment under IFRS 8
IFRS 5 classifies a discontinued operation as a component of an entity that has been disposed of or is classified as held for sale
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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...
Identify each of the following statements as true or false. 1. ASPE and IFRS both require comprehensive income. 2. Held-for-sale assets are classified as current assets in ASPE and noncurrent assets in IFRS.
Identify each of the following statements as true or false.1. ASPE and IFRS both require comprehensive income.2. Held-for-sale assets are classified as current assets in ASPE and noncurrent assets in IFRS.3. Both ASPE and IFRS may have non-controlling interest.4. Private companies are required to provide EPS calculations.5. Both ASPE and IFRS require a subtotal for net income or loss before discontinued operations.
an impairment of a non current asset held for sale:
an impairment of a non current asset held for sale:
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...
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...
What are the similarities of non-current assets and depreciation between GAAP and IFRS ?
What are the similarities of non-current assets and depreciation
between GAAP and IFRS ?
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?
For tangible non-current assets, identify FIVE risks of misstatement in the financial statements. For each risk...
For tangible non-current assets, identify FIVE risks of
misstatement in the financial statements. For each risk given,
identify the financial statement assertion which it affects, and
describe a test which could be undertaken to gather evidence in
relation to that risk/related assertion. (You should present your
answer in two columns headed “risk/related assertion”, and
“test”).
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?
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