Under PFRS 5, a noncurrent asset that is to be abandoned should not be classified as held for sale. Group of answer choices True False
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- 4. What are the conditions for classfiication as held for sale? 5. Explain the term highly probable. 6. Explain the measurement of noncurrent aset classified as held for sale. 7. Explain the writedowin of the noncurrent asset to fair value less cost of disposal any subsequent increase in fair value. 8. What is the treatment of abandoned and temporarily abandoned noncurrent asset or disposal group? 9. Explain the treatment of a change in classification of a noncurrent asset classified as held for sale. 10. Explain the presentation of noncurrent asset classified as held for sale in the statement of financial position.IFRS 5 requires certain conditions to be met before an asset or disposal groupcan be classified as held for sale.What are these conditions?Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset after if the fair value is greater than the recoverable amount b. Calculate the asset’s carrying amount in the books of the entity c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
- 20. For an SME, changes in the fair value less costs to sell of biological assets are a. recognized in profit or loss b. recognized in other comprehensive income c. not recognized d. a or b93 Conptal Framo PROBLEMS PROBLEM 1: TRUE OR FALSE All changes in an entity's economic resources and claims to those resources result from the entity's financial performance. The qualitative characteristics of useful information apply nly to the financial information provided in the financial statements. . According to IFRS Practice Statement 2 Making Materiality Judgnents, cost is an important consideration when making materiality judgments. T, When making materiality judgments, assessment alone is not always sufficient to conclude that an item of information is not material. Es. Materiality judgments apply only to items that are recognized but not to those that are unrecognized. 6. The more significant the qualitative factors are, the lower the quantitative thresholds will be. Thus, an item with a zero amount can be material in light of qualitative thresholds. Fz. When making materiality judgments, an entity should judge an item's materiality only on its own and not in combination…53 Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for sale should be included in profit or loss. Group of answer choices True False
- 12. Which of the following has the right to sell an asset at a predetermined price? A call buyer. A call writer. A put writer. A put buyer.12:25 Assignment Details BSA_2102 : Intermediate Accounting 1 & 2 4. What are the conditions for classfiication as held for sale? 5. Explain the term highly probable. 6. Explain the measurement of noncurrent aset classified as held for sale. 7. Explain the writedowin of the noncurrent asset to fair value less cost of disposal any subsequent increase in fair value. 8. What is the treatment of abandoned and temporarily abandoned noncurrent asset or disposal group? 9. Explain the treatment of a change in classification of a noncurrent asset classified as held for sale. 10. Explain the presentation of noncurrent asset classified as held for sale in the statement of financial position. Submit Assignment Dashboard Calendar To Do Notifications Inbox 因q24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
- 19. The biological assets of an SME is measured using a. The fair value model for those biological assets for which fair value is readily determinable without undue cost or effort. b. The cost model for those biological assets for which fair value is not readily determinable without undue cost or effort. c. a or b d. The biological assets classification is not applicable to SMEs.18. An SME measures biological assets at fair value less costs to sell only when fair value is readily determinable without undue cost or effort. True or FalseA loss contingency should be accrued when the amount of loss is known and the occurrence of the loss is: а. ööüö b. C. d. Remote No Yes Yes No Reasonably possible No Yes No Yes Multiple Choice O Option a Option b O Option c Option d
