ACCA SBR: IFRS Standards Exam Questions and Answers
7 views 0 purchase
Course
ACCA
Institution
ACCA
ACCA SBR: IFRS Standards Exam
Questions and Answers
What is the standard relating to adopting IFRS standard for the first time and from when does it apply? -
ANSWERIFRS 1
From the date of transition
What must an entity do/produce when adopting IFRS standards for the first time (IFRS1)? -
ANSW...
What optional test can be used to assess if acquired assets are NOT a business (IFRS3)? -
ANSWER✔✔Concentration test:
where substantially all of the FV of total asset acquired in concentrated into a single identifiable
assets/group of similar assets
What is the standard for assets held for sale and what situation does this occur? - ANSWER✔✔IFRS 5
CA will be mainly recovered through a sale and the sale is highly probable
What are the criteria to be met for an asset to be held for sale (IFRS5)? - ANSWER✔✔Asset must be
available to sell in its present condition
Must be marketed at a reasonable price
Sale is expected within 12 months
How are assets held for sale measured (IFRS5)? - ANSWER✔✔Lower of CA and FV - cost to sell
No further depreciation should be charged, and it is held under current assets
When is separate disclosure required for discontinued operations (IFRS5)? - ANSWER✔✔Component of
business has been disposed of/held for sale AND
- represents a separate major line/geographical area of business
- part of a single coordinated plan to dispose OR
Page 2/6
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
