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  • Ifrs 5 Tyk Answers

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    Monirul Islam Moniirr
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    TYK-1 summarizes that according to IFRS 5.15, a non-current asset held for sale should be reported at the lower of its carrying amount (Tk 19,500) or fair value less costs to sell (Tk 24,550). TYK-2 explains that a steel works set for closure cannot be classified as "held for sale" and is not a discontinued operation, as the closure had not occurred by the reporting date. Information about the planned closure could be disclosed in notes to the financial statements.

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    TYK-1 summarizes that according to IFRS 5.15, a non-current asset held for sale should be reported at the lower of its carrying amount (Tk 19,500) or fair value less costs to sell (Tk 24,550). TYK-2 explains that a steel works set for closure cannot be classified as "held for sale" and is not a discontinued operation, as the closure had not occurred by the reporting date. Information about the planned closure could be disclosed in notes to the financial statements.

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    50 views1 page

    Ifrs 5 Tyk Answers

    Uploaded by

    Monirul Islam Moniirr
    TYK-1 summarizes that according to IFRS 5.15, a non-current asset held for sale should be reported at the lower of its carrying amount (Tk 19,500) or fair value less costs to sell (Tk 24,550). TYK-2 explains that a steel works set for closure cannot be classified as "held for sale" and is not a discontinued operation, as the closure had not occurred by the reporting date. Information about the planned closure could be disclosed in notes to the financial statements.

    Copyright:

    © All Rights Reserved
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    TYK-1

    Tk 19,500

    IFRS 5.15 requires that a non-current asset held for sale should be stated at the lower
    of (i) the carrying amount (Tk19,500) and (ii) the fair value less costs to sell (Tk
    24,550).

    TYK-2

    Because the steel works is being closed, rather than sold, it cannot be classified as
    ‘held for sale’. In addition, the steel works is not a discontinued operation. Although
    at 31 December 2013 the group was firmly committed to the closure, this has not yet
    taken place and therefore the steel works must be included in continuing operations.
    Information about the planned closure could be disclosed in the notes to the financial
    statements.

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