I think 1st question has little error. Its 1st choice answer is given with a "£" mark and the whole question is given in $ (dollars). There is a difference between those two currencies—that is quite misleading. I don't know if this is a typing error or purposefully typed to make the question harder. Please explain. Thank you.
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Khin·
Thank you so much for your practice questions. Let me know why not consider fair value at the end of 31 March 2013 in Question 1.
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oltjonSupporter·
Hello,
My question is, regarding the assets that are bought using government grants and the policy of the entity is to deduct the grant from the asset account, if the grant becomes payable we will have to increase the value of the asset and to recognise also the expense from the cummulative depreciation but how is correctly done this? Shall we increase the asset in its full amount of the grant repayable and than recognise seperately an expense and credit what? the accumulated depreciation? Or shall we increase the asset's carrying value by the difference between grant payable and expense from cummulative depreciation (I mean depreciation not recognised had the grant originally not credited at asset's value) and than the difference recognise it as an expense?
Thank You!
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Widaad·
can you help me with the first question please?
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chuoi·
can u help me q1:Why is 11years +3month??? if u have add 9 months of 2001 and 6 months of 2021 --> 11 years +15months
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Appoline·
within the fair value model, gains or losses on revaluation are recognised directly through profit or loss. Thus the gain on revaluation on 31/12/2023 won't be included in revaluation reserve.
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Eliza·
a vacant building held to be leased out as operating lease , is an investment property ? why is 2nd option not correct?
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Sean tom·
same question on this. it was investment property, then management decide to sell it. it is still investment property before sale, right.
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Ta·
Property rented to a parent, subsidiary, or fellow subsidiary is not investment property in consolidated financial statements that include both the lessor and the lessee, because the property is owner-occupied from the perspective of the group
My question is, regarding the assets that are bought using government grants and the policy of the entity is to deduct the grant from the asset account, if the grant becomes payable we will have to increase the value of the asset and to recognise also the expense from the cummulative depreciation but how is correctly done this? Shall we increase the asset in its full amount of the grant repayable and than recognise seperately an expense and credit what? the accumulated depreciation? Or shall we increase the asset's carrying value by the difference between grant payable and expense from cummulative depreciation (I mean depreciation not recognised had the grant originally not credited at asset's value) and than the difference recognise it as an expense?
Thank You!