The carrying amount of these assets before classification as a disposal group was $35m. IFRS 5 Non Current Assets Held for Sale and Discontinued operations give us guidelines that how entities should account for the non-current asset held for sale and discontinued operations. ACCA conducts Diploma in IFRS Exam twice in a year. It conducts DipIFR exam in every June and December months. IFRS 5. Will IFRS be incorporated into the Uniform CPA Exam? Accounting policies, changes in accounting estimate and errors (IAS 8) Chapter 10. The successful candidate will be required to demonstrate knowledge of a range of IFRS standards and should practice questions to ensure they are able to articulate this knowledge while applying it to specific question scenarios. Leases (IFRS 16) Chapter 13. The 20% interest will thus no longer be equity accounted from 30 November 2015, but will be Financial instruments (IFRS 9) Chapter 12. In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Request PDF | 100 Questions (and Answers) About IFRS | IFRS are cultural artefacts. IFRS 5 outlines how to account for non-current assets held for sale (or for distribution to owners). ACCA DipIFR Sample Question Papers of both June and December attempts has been provided here. IFRS for Small and Medium Entities (SME) was released on July 9, 2009. Agriculture (IAS 41) Chapter 11. IFRS 5 Non Current Assets Held for Sale. Each question corresponds to a different chapter of the document. 1.0 Adjust for loss brought forward and calculate tax due. Non-current assets held for sale and discontinued operations (IFRS 5) Chapter 9. Questions (and Answers) about IFRS Page 1 of 50 100 Questions (and Answers) about IFRS Dr Rachel F. Baskerville School of Accounting and Commercial Law, Faculty of Commerce and Administration, Victoria University of Wellington PO Box 600, Wellington, New Zealand Email: March 15th, 2010 Abstract: You can view questions and answers developed by the AICPA regarding IFRS for SMEs here. You may repeat the quiz as many times as you like, with a new set of questions each time. Using the past exams, with the previous format, is … It contains a hundred questions and answers about IFRS, prepared as a resource for my students at the Universities of Victoria (Wellington, New Zealand) and Exeter in the UK, so it is idiosyncratically written with a level of personal familiarity, as they know me well. An entity designates a group of assets as a disposal group. according to IFRS 5 Non Current Assets Held for Sale, assets held for the in the financial statements are not depreciated and these assets are measured at lower of; Sample exam papers for recent DipIFR exam sessions are listed below. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. You will be asked to answer eight randomly selected questions from a pool of more than 50. Free Download ACCA DipIFR Question Papers for June 2018. Chapter 8. 1.5 Maximum marks awarded 5 Examiner’s Comments The answer to this question was quite well done, with many candidates able to give the correct, or nearly 2.5 Adjust profit before tax for disallowed expenses and non-taxable income. Inventory (IAS 2) Chapter 10. Practice Questions – IFRS 5 Non-current Assets Held For Sale and Discontinued Operations 1. Yes. The questions are based on the information in the Conceptual Framework for Financial Reporting. An entity shall measure a non-current asset (or disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell [IFRS 5.15]. Upon being classified as held-for-sale the assets were revalued to $33m on the basis of their fair value in accordance with IAS 16.