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Dear MikeLittle,
I have some question regarding P7 paper, sorry for inconvenience caused.
1. Is it both IAS 18 and IAS 11 no more relevant? So when we see issue related to revenue we will use IFRS 15?
2. Issue regarding IFRS 5 Non-current assets held for sale and discontinued operations. When the question raised issue for discontinued operation, can we include issue regarding non-current assets held for sale? Because an organization discontinuing operation must be having some assets to be dispose for.
3. Regarding IFRS 5 too, but on the recognition of discontinue operation. For non-current assets held for sale, we will recognize when it meet the criteria ‘ready for sale at its present condition’ and ‘highly probable’ criteria. But what about discontinuing operations?
Thank you so much MikeLittle.
Best regards
1 – correct – IFRS 15 is the one to use and IAS 11 and IAS 18 are no longer in existence
2 – yes. If an entity has ceased operating, say, a subsidiary and is now looking to sell it, it may be classed as discontinued
If the subsidiary is still operating but is up for sale, then it’s possibly an AHFS (possible, because it may not satisfy ALL the criteria)
3 – I think I’ve just answered that in my answer for 2
OK?
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