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IFRS 5

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

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • January 22, 2024 at 5:01 pm #698867
    boysbv
    Participant
    • Topics: 29
    • Replies: 20
    • ☆

    Hi Sir,
    There is something i’m not quite sure if i’ve well understood. If a machine qualifies as held for sale on 30 september 2010 and the financial year end on 31 december 2010. Do we have to depreciate the machine for the month 1 January to 30 september ?

    January 29, 2024 at 9:18 pm #699276
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7093
    • ☆☆☆☆☆

    Hi,

    Yes, you would need to depreciate the asset as normal up until the date it is classified as HFS. We would therefore need to charge the 9 months of depreciation until 30 September.

    Thanks

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