The prior period will be affected if during the current year the management of an entity decides to classify a non currrent asset as held for sale.
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TRUE OR FALSE?
The prior period will be affected if during the current year the management of an entity decides to classify a non currrent asset as held for sale.
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- Which of the following statements regarding capital asset holding periods is false? Group of answer choices A. Trade dates, rather than settlements dates, are used to determine the date of acquisition and sale. B.The holding period for property received as a gift usually includes the holding period of the donee. C.The holding period for property acquired from a decedent is long term even if the property is sold less than one year after it was acquired. D. A holding period of exactly one year or more is long term.If an entity capitalized transaction costs to a financial asset at fair value through profit or loss, then subsequently adjusted the initial cost to fair value at year-end, what is the overall effect on the current year net income? * A. Current year net income will be understated B. Current year net income will be overstated C. Current year net income will either be overstated or understated, depending on whether the fair value at year end is more than, less than, or equal to the initial cost D. No effectAn entity classified a noncurrent asset accounted for under the costmodel as held for sale at the current year-end. The entity decided at theend of the following year not to sell the asset but to continue to use it. Theasset should be measured at the end of the following year at A. The lower of carrying amount and recoverable amountB. The higher of carrying amount and recoverable amountC. The lower of carrying amount on the basis that it had never been classified as held forsale and recoverable amountD. The recoverable amount
- 13 The entity shall measure a non-current asset that ceases to be classified as held for sale at the lower of carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations that would have been recognized had the asset not been classified as held for sale, and its value in use at the date of the subsequent decision not to sell. True or FalseIf the entity uses the fair value model for investment property, which statement is true? a. The entity should value the property at cost less accumulated depreciation and impairment. b. The entity does not record depreciation on the investment property. c. The entity depreciates the equipment using normal depreciation method d. The entity should report the increase in fair value in other comprehensive income for the period.Under IFRS, which of the following statements describes the fair value model for accounting for investment properties? Question 12 options: a) All investment properties are remeasured at fair value at each reporting date. b) Depreciation is recorded over the investment property’s useful life. c) Gains or losses arising from changes in fair value are recognized in other comprehensive income in the period in which they arise. d) Accumulated gains and losses are recognized in profit or loss in the period in which the investment property is derecognized.
- Transfers from investment property to property, plant and equipment are appropriate a. The entity can never transfer property into another classification on the balance sheet Once it is classified as investment property. b. When there is change of use. c. Only when the entity adopts the fair value model under IAS 38. d. Based on the entity’s discretion.Can a member who contributed an asset demand for its return, transfer or conveyance upon dissolution when it was initially contributed upon a condition to not return, transfer or convey it back?Which of the following statements related to long-lived assets is true? Depreciation is calculated the same for financial reporting purposes and income tax purposes. If a company changes a depreciation estimate, it does not require a prior period adjustment. Depreciation is the process to value an asset at its fair market value. There is only one test to record an asset's impairment.
- Which of the following statements in incorrect? a. Donations of PPE should be recorded at the fair value of the donated asset at the time of donation. b. Property acquired in exchange for shares or other securities in the enterprise should be recorded at its fair value or the fair value of the securities, whichever is more clearly evident c. When property is acquired in exchange for another asset without commercial substance, no gain nor loss is recognized d. When a group of assets is acquired for a lump sum price, the total cost should be allocated to the individual assets based on their carrying amounts.If the criteria are met after the end of reporting period, an undertaking shall: A. Classify a non-current asset as ‘discontinued operations’ in those financial statements B. When those criteria are met, after the end of reporting period, but before the approval of the financial statements for issue, the undertaking shall disclose the information in the notes C. Classify a non-current asset as ‘held for sale’ in those financial statements d. It dependsWhich among the sentences below is incorrect?A. An entity shall measure a current asset or disposal group classified as held for sale at the lower of carrying amount or fair value less cost of disposal.B. One of the conditions that exists if the sale is highly probable is that there is an active program to locate a buyer and complete the plan must have been initiated.C. Impairment loss is the writedown to fair value less cost of disposal.D. An entity can recognize a gain if there is a subsequent increase in fair value less cost of disposal but only up to the impairment loss previously recognized.