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IFRS 5 – Example 1 – CIMA F1 Financial Reporting
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I answered this as DR P&L 5,000 and DR Acc.Dep 11,000. Is this correct and how would you record the 68,000 in the SFP?
Why 11,000 in depreciation costs, I thought NCA-HFS do not have depreciation costs. Can someone explain please.
Trevor: your are right, an NCA HFS item does not get depreciated. The issue here is, however, that in 2004 the impairment occurred or was observed on 30th of November 2004 only, and depreciation was being charged monthly, so until 30th of November there were 11 months of depreciation charged (12.000 of depreciation per annum times 11 months equals to 11.000 of depreciation to be charged to SPL).