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probably mistaken since an FHL gives full capital allowances at the normal 18% and 8%. the 10% rule applies to other rents of furnished apartments which are NOT FHLs.
depooling refers to short life assets. assets which are expected to have a useful life less than 8 years and which are land and buildings or fixed plant and machinery are depooled. that is they are included in a separate asset pool.
goodluck to you cocky cow. if u bet on this question you will just lose ur money.
although a contingent asset is not recognised but only disclosed as an asset in the statements, it nevertheless is still an ‘asset’. the question asked for any asset/liability; not current/non current or even contingent. Refer to Ias 37 defining a contingent asset as ” a possible asset that will be confirmed by occurrence of an uncertain future event not within the control of the entity”.
the Ias goes ahead to give an example of a contingent asset as when a company expects to probably receive damages.
in the question, the lawyers advised the co. that they will ‘probably’ win the case and thus be entitled to damages. case closed.
available for sale “immediately” in its present condition. i remember they included “after some period” so that option did not meet the held for sale criteria.
gvt we had talked about no. 9 mcq. i was almost sure there was a contingent asset on the winning case. was that the question?
I also think you missed the one where we were to state if an asset/liability exists. its not only the warranty claims that give rise to a provision(present obligation), but also the case where it was likely to receive compensation. this gives rise to a contingent asset (which is still an asset anyway).
yup i remember very well..and you would have missed if you included the 1% shareholding of everyone else as giving control to the 45% ownership. still the 45% can be outvoted in an agm. no control whatsoever and thus not a subsidiary