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IFRS 5 NCAHFS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 5 NCAHFS

  • This topic has 3 replies, 2 voices, and was last updated 10 months ago by Stephen Widberg.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 8, 2022 at 9:10 pm #671081
    humai
    Participant
    • Topics: 756
    • Replies: 248
    • ☆☆☆☆☆

    Hello

    Sir, in case of measurement of HFS

    1) Just before initial classification of NCA or disposal group as HFS , carrying value of assets and liabilities within group should be remeasured in accordance with applicable IFRS

    2) Before classifying NCA or disposal group as HFS, company should perform impairment testing according to IAS 36

    3) Shifting entry

    4) After classifying NCA or disposal group as HFS, company should perform impairment testing according to IFRS 5 i.e NCA or disposal group should be measured at lower of carrying value and FV less cost to sale

    5) Impairment must be considered at the time of the classification as HFS and subsequently after classification as HFS

    6) Assets within disposal group which are not in the scope of IFRS 5 standard are first adjusted according to relevant standard

    Sir are the above 6 steps correct ? Also the order of these 6 steps correct? And is their any step in these which is unnecessary and I shall not write it?

    November 9, 2022 at 5:35 pm #671145
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3075
    • ☆☆☆☆☆

    Write:

    – Step 1
    – Step 4
    – move NCA to CA
    – no further depreciation

    That will be plenty 🙂

    November 10, 2022 at 12:07 pm #671184
    humai
    Participant
    • Topics: 756
    • Replies: 248
    • ☆☆☆☆☆

    Sir in the above is step 1 and step 6 the same thing?

    November 11, 2022 at 11:27 am #671247
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3075
    • ☆☆☆☆☆

    More or less, I think.

    Keep it simple in the exam! 🙂

  • Author
    Posts
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