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What value should be used for the asset in Chester statement

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Reference no: EM132882223

Question - Chester Ltd has an asset that was classified as held for sale at 31 March 2021. The asset had a carrying value of £1000 and a fair value of £900. The cost of disposal was estimated to be £100. The useful economic life of the asset was 10 years.

According to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, what value should be used for the asset in Chester's statement of financial position as at 31 March 2021?

Reference no: EM132882223

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