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IFRS 5

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 5

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • October 27, 2015 at 6:08 am #279164
    mansoor
    Member
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    Halfway thru the year an asset is identified as an asset held for sale after meeting the criteria in ifrs 5. at the start of the year the carrying value was 150,000 (original cost 200,000 two years ago). the asset has a 10 year life and the depreciation is done using straight line.

    what shd the depreciation be for the year:

    a. 15000
    b. 12500
    c. none
    d. 25000

    answer says B.

    b for but!!!!

    150000/8=18750 and for six months it shd half of this

    i understand that there must have been an impairment loss of 10k to reduce the cv from 160 to 150k.

    pls explain

    October 27, 2015 at 6:55 am #279170
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    I can only imagine that there has been a typing error – maybe it should have been an 8 year life, not a 10 year life.

    That would also fit with the answer

    October 27, 2015 at 7:26 am #279181
    mansoor
    Member
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    whew.. thanks … this was kaplan by the way

    October 27, 2015 at 7:39 am #279185
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    Well, there’s a surprise!

  • Author
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