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Summary Fac3764 assessment 6 solutions 2024
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Fac3764 assessment 6
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Fac3764 assessment 6, Question 1
a) Memorandum
To: Chief Financial Officer (CFO)
From: [Your Name]
Date: July 5, 2024
Subject: Classification and Measurement of High-Performance Computing Server
*Introduction*
This memorandum provides guidance on the correct classification and measurement of
the High-Performance Computing (HPC) server in Ndiza Ltd’s accounting records as at
June 30, 2024.
*Background*
The board of directors resolved to dispose of the HPC server, effective June 30, 2024, due
to underutilization. The criteria for classification as held for sale were met on this date.
*Classification*
As per IFRS 5, “Non-Current Assets Held for Sale and Discontinued Operations,” the HPC
server should be classified as “held for sale” as at June 30, 2024, since:
1. Management has committed to selling the asset.
2. The asset is available for immediate sale.
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