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. ACCA DipIFR Sample Question Papers of both June and December attempts has been provided here. Inventory (IAS 2) Chapter 10. The 20% interest will thus no longer be equity accounted from 30 November 2015, but will be Each question corresponds to a different chapter of the document. IFRS 5. 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. Financial instruments (IFRS 9) Chapter 12. Non-current assets held for sale and discontinued operations (IFRS 5) Chapter 9. The carrying amount of these assets before classification as a disposal group was $35m. Leases (IFRS 16) Chapter 13. An entity designates a group of assets as a disposal group. 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: Rachel.Baskerville@vuw.ac.nz March 15th, 2010 Abstract: Request PDF | 100 Questions (and Answers) About IFRS | IFRS are cultural artefacts. Using the past exams, with the previous format, is … 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]. 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. ACCA conducts Diploma in IFRS Exam twice in a year. 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. IFRS 5 outlines how to account for non-current assets held for sale (or for distribution to owners). 2.5 Adjust profit before tax for disallowed expenses and non-taxable income. Accounting policies, changes in accounting estimate and errors (IAS 8) Chapter 10. 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. Yes. The questions are based on the information in the Conceptual Framework for Financial Reporting. Chapter 8. Sample exam papers for recent DipIFR exam sessions are listed below. It conducts DipIFR exam in every June and December months. 1.0 Adjust for loss brought forward and calculate tax due. 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. Agriculture (IAS 41) Chapter 11. Will IFRS be incorporated into the Uniform CPA Exam? You can view questions and answers developed by the AICPA regarding IFRS for SMEs here. Free Download ACCA DipIFR Question Papers for June 2018. 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 IFRS for Small and Medium Entities (SME) was released on July 9, 2009. IFRS 5 Non Current Assets Held for Sale. 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