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Where should assets and group of assets be presented on the financial position?

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Explanation

• Assets and group of assets that are held for sale should be presented separately on the face of the financial position

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Separately

With the financial postion

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What are Non-current assets held for sale measured at?

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Lower of carrying value or Fair value less costs to sell

Fair value less costs to sell

Carrying Value

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Different types of inventories

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Match the text
Held for sale in the ordinary course of business
In the process of production for sale
In the form of raw material or supplies to be used in the production process

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Work in progress
Raw materials
Finished goods

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Valuation of inventories

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Inventories should be valued at the

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and net realisable value.

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For it to be classed as held for sale, the sale must be highly probable:

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Management must be committed to a plan to

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There must be an active plan to locate a

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price must be reasonable

Sale within

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year

No changes to the plan to

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What are the cots of Purchase

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Import duties

Production costs

Transport and handling

Other costs

Purchase price

Overheads

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What is fair value?

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The amount an assets can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction

The incremental costs directly attributable to the disposal of an asset

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What is NBV?

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Carrying value and Fair value less costs to sell

The amount an assets can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction

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For it to be classified as a held for sale, the sale must be highly probable, how quickly does it need to be sold?

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Within two years

Within six months

Within a year

Within five years