You may repeat the quiz as many times as you like, with a new set of questions each time. You will be asked to answer eight randomly selected questions from a pool of more than 50. Practice Questions – IFRS 5 Non-current Assets Held For Sale and Discontinued Operations 1. Questions (and Answers) about IFRS Page 1 of 50 100 Questions (and Answers) about IFRS Dr Rachel F. Baskerville School of Accounting and Commercial Law, Faculty of Commerce and Administration, Victoria University of Wellington PO Box 600, Wellington, New Zealand Email: Rachel.Baskerville@vuw.ac.nz March 15th, 2010 Abstract: 2.5 Adjust profit before tax for disallowed expenses and non-taxable income. The successful candidate will be required to demonstrate knowledge of a range of IFRS standards and should practice questions to ensure they are able to articulate this knowledge while applying it to specific question scenarios. An entity designates a group of assets as a disposal group. ACCA DipIFR Sample Question Papers of both June and December attempts has been provided here. Inventory (IAS 2) Chapter 10. Each question corresponds to a different chapter of the document. Financial instruments (IFRS 9) Chapter 12. It conducts DipIFR exam in every June and December months. It contains a hundred questions and answers about IFRS, prepared as a resource for my students at the Universities of Victoria (Wellington, New Zealand) and Exeter in the UK, so it is idiosyncratically written with a level of personal familiarity, as they know me well. IFRS 5 Non Current Assets Held for Sale. Non-current assets held for sale and discontinued operations (IFRS 5) Chapter 9. In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Accounting policies, changes in accounting estimate and errors (IAS 8) Chapter 10. Will IFRS be incorporated into the Uniform CPA Exam? The carrying amount of these assets before classification as a disposal group was $35m. IFRS 5 outlines how to account for non-current assets held for sale (or for distribution to owners). 1.5 Maximum marks awarded 5 Examiner’s Comments The answer to this question was quite well done, with many candidates able to give the correct, or nearly You can view questions and answers developed by the AICPA regarding IFRS for SMEs here. Free Download ACCA DipIFR Question Papers for June 2018. IFRS 5 Non Current Assets Held for Sale and Discontinued operations give us guidelines that how entities should account for the non-current asset held for sale and discontinued operations. Agriculture (IAS 41) Chapter 11. An entity shall measure a non-current asset (or disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell [IFRS 5.15]. IFRS 5. Yes. according to IFRS 5 Non Current Assets Held for Sale, assets held for the in the financial statements are not depreciated and these assets are measured at lower of; Using the past exams, with the previous format, is … ACCA conducts Diploma in IFRS Exam twice in a year. Chapter 8. Sample exam papers for recent DipIFR exam sessions are listed below. IFRS for Small and Medium Entities (SME) was released on July 9, 2009. Leases (IFRS 16) Chapter 13. 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