Which of the following would be treated under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as a change of accounting policy?
A change in valuation of inventory from a weighted average to a FIFO basis
B. A change of depreciation method from straight line to reducing balance
C. Adoption of the revaluation model for non-current assets previously held at cost
D. Capitalisation of borrowing costs which have arisen for the first time
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Which of the following would be a change in accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?
Adjusting the financial statements of a subsidiary prior to consolidation as its accounting policies differ from those of its parent
B. A change in reporting depreciation charges as cost of sales rather than as administrative expenses
C. Depreciation charged on reducing balance method rather than straight line
D. Reducing the value of inventory from cost to net realisable value due to a valid adjusting event after the reporting period
Which of the following items is a change of accounting policy under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors？
A. Classifying commission earned as revenue in the statement of profit or loss, having previously classified it as other operating income
B. Switching to purchasing plant using leases from a previous policy of purchasing plant for cash
Changing the value of a subsidiary's inventory in line with the group policy for inventory valuation when preparing the consolidated financial statements
D. Revising the remaining useful life of a depreciable asset
For an asset to be classified as 'held for sale' under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations its sale must be 'highly probable'. Which of the following is NOT a requirement if the sale is to be regarded as highly probable?
A. Management must be committed to a plan to sell the asset.
B. A buyer must have been located for the asset.
C. The asset must be marketed at a reasonable price.
D. The sale should be expected to take place within one year from the date of classification.
At what amount should an asset classified as 'held for sale' be measured?
A. Lower of carrying amount and fair value less costs of disposal
B. Lower of carrying amount and value in use
C. Higher of value in use and fair value less costs of disposal
D. Higher of carrying amount and recoverable amount
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