an impairment of a non current asset held for sale:

Q: Explain Intangible Assets Not Subject to Amortization.

A: Intangible assets are those assets that represent some rights and privileges associated with owning…

Q: Under IFRS, a loss from the destruction of property in a fi re would most likely be classifi ed as:…

A: When a gain or loss occurs due to a infrequent event and which are unusual in nature, then such gain…

Q: What entry is made when selling a fixed asset?

A: Following entry is passed when selling the fixed assets:

Q: If a loss from sale or exchange of property between related parties is disallowed and the property…

A: If a loss from sale or exchange of property between related parties is disallowed and the property…

Q: Which statement on property, plant and equipment (PPE) is true? *   PPE items may include assets…

A: The question is multiple choice question and related to Propert, Plant and Equipment. Required…

Q: Explain the conditions under which assets and liabilities are derecognized

A: The answer for the theory question on the conditions under which assets and liabilities are…

Q: Borrowing costs on borrowings obtained for the purpose of acquiring or constructing a qualifying…

A: Following is the answer to the given question

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

Q: What is the effect of loss of the thing or object in a contract of sale?

A: What is the Sale of contract: It is the legal contract between seller and buyer to sale the goods at…

Q: Define misappropriation of assets and give two examples of misappropriation of assets.

A: Asset: It represents the resources that are owned by the business.

Q: In a case of low value asset exemption, rent paid in advance by the lessee should be treated as O…

A: Rent paid in Advance by the lessee shall be classified as Prepaid Rent.. Option Prepaid Rent is…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: Intangible assets are initially recorded at a. expected future value. b. fair value. c. cost. d.…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: The cost of an asset that is subject to depreciation os called?

A: Assets: Assets are those resources that are owned by the business organization which has an economic…

Q: Which is not an expense? *   costs of goods sold or services rendered loss on disposal of a…

A: Expense is the money spent in operations in order to generate revenues.

Q: Inventor's life is not considered in determining the useful life of an intangible asset.   TRUE OR…

A: Intangible assets are those assets which does not have any physical existence.  That means…

Q: Neither the date the property is acquired nor the date it is disposed of count in determining the…

A: Holding period starts from the date after the acquired date and ends on sale date of asset

Q: Which statement on property, plant and equipment (PPE) is true? *   a. PPE items may include…

A: The assets of the company will provide the future economic benefits for the company. If the company…

Q: What is the carrying value of Land after the recognition of the impairment loss?

A:

Q: An entity that acquires an intangible asset may use the revaluation model for subsequent measurement…

A: Lets start with basic understanding. Intangible asset is considered under IAS 38 " Intangible…

Q: Is property, plant and equipment is classified as non-current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: What is the treatment of any gain on a subsequent increase in the fair value less cost of disposal…

A: Subsequent will increase in truthful price. A gain for associated consequent increase in truthful…

Q: Briefly explain the difference between U.S. GAAP and IFRS in the measurement of an impairment loss…

A: Impairment loss of assets:   Impairment loss of assets arises when the carrying value of the assets…

Q: Under IFRS, a loss from the destruction of property in a fi re would most likely be classifi ed as:…

A: IFRS: International Financial Reporting Standards are the principle-based accounting standards.

Q: Objectives of the fixed asset system do NOT includea. authorizing the acquisition of fixed assets.b.…

A: Answer:   Option d.

Q: What are the requirements of depreciating an asset?

A: Depreciation is a non-cash expense which is charged against the use of the fixed assets of the…

Q: The term that applies when an intangible asset is expensed over time rather than fully expensed at…

A: This question tells about that applies when an intangible asset is expensed over time rather than…

Q: rty classifed as held for sale are presented separately as current asset. True or False?

A: Solution: Assets held for sale are those assets which the company intends to sell. These held for…

Q: What document shows when fixed assets are fully depreciated?

A: Depreciation: Depreciation means decrease in the value of tangible asset. Depreciation is a…

Q: PAS 16 defines depreciation as “the decrease in the value of an asset.”

A: With the passage of time, the value of assets goes on decreasing due to various reasons such as…

Q: Which one of the following category goodwill lies? a. Fictitious asset b. Intangible asset c.…

A: Option a. Fictitious asset cannot be converted into cash but goodwill can be encashed. Option b.…

Q: Explain why depreciation on an existing asset is always irrelevant.

A: Fixed assets are those assets that are being held by the business for a longer period of time. For…

Q: Identify the accounting issues related to asset impairment.

A: Asset impairment emerges when there is an abrupt drop in the fair value of an asset underneath its…

Q: under what conditions a short-term obligation should be excluded from current assets

A: Please find the answer to the above question below:

Q: Determine an asset's depreciable life?

A: A tangible asset is a substantial resource. Tangible resources incorporate fixed resources including…

Q: ide a

A: As per the IAS 36 Impairment of asset we need to identify the asset that may be impaired and for…

Q: The prior period will be affected if during the current year the management of an entity decides to…

A: Prior period is the period before the current accounting year. Non current asset is the long term…

Q: what is the important difference in the acquisition and payment of long-lived assets compared to…

A: Assets are the resources owned by an entity for the purposes of using them for future or for…

Q: True or False?

A: Meaning of Right of use asset The right of use asset is recorded by the lessee in the balance…

Q: Define the term the depreciable life of the asset?

A: Depreciation  is an accounting process through which allocation of an asset’s cost during its useful…

Q: Under IFRS, the recoverable amount of an asset is

A: Introduction:- Impairment loss arise when the amount by which the carrying amount of an asset…

Q: Explain how depreciation expense satisfies the definition of an expense

A: Depreciation is the amount with which an asset’s value decreases every year. Example:- Machinery…

Q: Under what circumstances should a loss contingency be accrued?

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…