[daycask]

In the current year the assets is revalued, in SOFP it will be stated at [Revalued amount(-)depreciation(-)impairment (if any)] with a subsequent increase in the equity (Revaluation reserve) and the revised depreciation will be charged in SOCI.

Under IFRS 5, an asset is classify as held for sale if its CV will b recovered principally thru a sale transaction rather than its continuing use and have to meet all the criteria.

An asset held for sale should not be depreciated, therefore no depreciation charged to SOCI, but any gains/losses thru its sale will be reflected in SOCI in the year of sale, and in SOFP it should b measured at the lower of its CV and FV(-)CTS.

Hope this answer helps. Pls correct me for any mistake as I’m studying for this paper as well.

[daycask]

Good Luck to u all anyway.. I’m doing P2 & P3 as well. Pray & hope that the we get what we wish for. Lets get started studying!!!

[daycask]

Same problem here, i can’t listen to all the audio lectures. However, the video is working fine. Hope the audio lectures can be fixed asap..

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