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hi mike, nt the exam if I make reference to IFRS 5, do I have to write out each criteria or could I simply just say according to IFRS 5 this asset do or does not meet the all the criteria?
Why not say something like:
“Although at first glance the asset appears to be correctly classified as held-for-sale, one of the necessary criteria for that classification is that the asset should be available for sale immediately.
In the case of XYZ Ltd, this is clearly not applicable because ….”
Of course, if you’re stuck for something to say, then state all the criteria that you can remember.
Remember, to score 10 marks you need 10 opportunities for the marker to give you those 10 ticks and if all you’ve got is 3 sentences, that’s not going to do it!
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