Assets held for sale - audit process, Auditing

Assignment Help:

Assets held for Sale - Audit Process

A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a sale transaction rather than through continuing use. That is, the asset or disposal collection is available for immediate sale and its sale is highly probable.

A non-current asset or disposal collection classified as held for sale is measured at the lower of fair value less costs to sell and its carrying amount. Any impairment loss on write-down of the asset or disposal collection to fair value less costs to sell is recognized in loss and profit. Several gains on subsequent increase in fair value less costs to sell is also recognized in loss and profit, however not in excess of the cumulative impairment loss already recognized on the asset either in accordance with IFRS 5 or IAS 36 Impairment of Assets.


Related Discussions:- Assets held for sale - audit process

Definition of audit evidence, Definition of Audit Evidence "Audit evid...

Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in

audit tests and recording items in the audit, With reference to the case s...

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be

Corporations generally issue stock dividends in order to, Q. Corporations g...

Q. Corporations generally issue stock dividends in order to a. increase the market price per share. b. exceed stockholders' dividend expectations. c. increase the marketability of

The internal audit differ from an external audit, Describe How does the int...

Describe How does the internal audit differ from an external audit? Ans) Internal audit nothing but the checking the product that you formed. External audit is checking you

Auditing, YvesLaurent has just been put in charge of the BeautyNatural Inc....

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

Initial identification - intangible asset, Initial Identification - Intangi...

Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu

Trademarks and patent, Trademarks and Patent Trademarks and then writt...

Trademarks and Patent Trademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged to revenue. Whether a tr

Ias 40 investment properties, IAS 40 Investment Properties Audit work ...

IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a

Verification, discuss the verification procedure of current assets and long...

discuss the verification procedure of current assets and long term liabilties

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd