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Question 1 of 4
1. Question
Assets classified as __________ in accordance with IAS 1 Presentation of Financial Statements _________ they meet the criteria to be classified as held for sale in accordance with IFRS 5.
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Question 2 of 4
2. Question
In February 20X4, Walley Corp decided to sell it’s entire Plant division. The Plant division was a major part of Walley Corp’s business and the sale will result in a strategic change in direction for the company.
The sale was completed in January 20X5 and resulted in a gain on disposal of €500,000. In 20X4 Plant’s net losses were €350,000 and €20,000 in 20X5 up until the date of sale.
Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Walley Corp for its Plant division?
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Question 3 of 4
3. Question
Under which circumstances shall an entity classify a non-current asset as held for sale?
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Question 4 of 4
4. Question
IFRS 5 provides unconditional requirement that the sale of the non-current asset held for sale should be expected to qualify for recognition as a completed sale within one year from the date of classification.
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