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

Auditor''s duty - audit process, Auditor's Duty - Audit Process The au...

Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu

Audit, Why is studying Auditing different from studying other accounting to...

Why is studying Auditing different from studying other accounting topics?

Valuation - long term contracts, Valuation - Long Term Contracts The b...

Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re

Plant and machinery - valuation and authorization, Plant and Machinery - Va...

Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs.  Auditor's duty is to make sure that the accounting policy for dep

Discuss the value of external audit, The management of a newly incorporate...

The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir

Audit Plan for small service company, only needs to be 2 - 3 pages and I ne...

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

RISKS AND CONTROLS, oversee commission staff to ensure individuals are prop...

oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests

Ias 37 provisions and contingent assets, IAS 37 Provisions, Contingent Asse...

IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen

Types of audits, Types of audits As far we have tended to think in sta...

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

business risk and controls, What is business risk and what controls should...

What is business risk and what controls should organizations have in place?  Business Risk and Controls Business or operational risks related to the activities carried out

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