Under IAS 40 Investment Property, which of the following transfers would result in a change from the cost measurement basis before transfer to the fair value measurement basis after transfer?
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1 .Which of the following disclosures for government grants is required under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) The accounting policy adopted for government grants.(2) The nature and extent of government grants recognised in the financial statements.(3) Unfulfilled conditions and other contingencies attached to government assistance that have been recognised.
A 1 only B 1 and 2 only C 1 and 3 only D 1, 2, and 3
2 .On 1 January 20X1 Emex received a government grant of USD100,000 to assist in the purchase of new machinery costing USD1,000,000 with a useful life of five years. The grant is repayable on a sliding scale if the machine is sold within five year; that is the full amount if sold in the first year, 80% if sold in the second year and so on. The management of Emex intends to use the machine for five years.The accounting policy is to offset the grant against the cost of the asset.What will be the depreciation expense for the year ended 31 December 20X2 and what provision will be required for the repayment of the grant as at 31 December 20X2?
A Depreciation charge USD000：180；Provision USD000： 60 B Depreciation charge USD000：180 ；Provision USD000：Nil C Depreciation charge USD000：200 ；Provision USD000：60 D Depreciation charge USD000：200；Provision USD000： Nil
3 .What is the definition of an investment property according to IAS 40 Investment Property?
A An investment in land and or buildings whether let to third parties or occupied by an entity within the group B A property owned and occupied by an entity for its own purposes C A property which is held to earn rentals or for capital appreciation D An investment in land and or buildings other than...
4 .IAS 40 Investment Property gives examples of investment properties, which include some of the following:(1) Property held for long-term capital appreciation(2) Property leased to another entity on a finance lease(3) Property leased out under one or more operating leases(4) Owner-occupied property(5) Land held for an undetermined future use(6) Property occupied by employeesWhich of the above are listed by IAS 40 as examples of an investment property?
A 1, 5 and 6 only B 1, 3 and 5 only C 2, 3 and 4 only D 2, 4 and 6 only
5 .Which of the following qualifies as investment property under IAS 40 Investment Property?
A A building that is vacant but is held to be leased out under an operating lease B Property being constructed on behalf of third parties C Property that is leased to another entity under a finance lease D Owner-occupied property
7 .Under IAS 40 Investment Property, which of the following is correct?
A Investment property is property held for administrative purposes B Investment property is property held for use in the supply of services C Investment property is property held for use in the production of goods D Investment property is property held by owner to earn rental income or for capital a...
8 .PQ has ceased operations overseas in the current accounting period. This resulted in the closure of a number of small retail outlets.Which one of the following costs would be excluded from the loss on discontinued operations?
A Loss on the disposal of the retail outlets B Redundancy costs for overseas staff C Cost of restructuring head office as a result of closing the overseas operations D Trading losses of the overseas retail outlets up to the date of closure
9 .BN has an asset that was classified as held for sale at 31 March 20X2. The asset had a carrying amount of USD900 and a fair value of USD800. The cost of disposal was estimated to be USD50.According to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which ONE of the following values should be used for the asset in BN’s statement of financial position as at 31 March 20X2?
A USD750 B USD800 C USD850 D USD900
10 .During the year to 30 April 20X9 two companies carried out major re-organisations of their activities. The re-organisations were as follows:Maynard closed down its manufacturing division on 1 January 20X9. This division accounted for 30% of Maynard’s revenue, Maynard will now focus all of their efforts on its retail division.Grant purchased a group of companies in February 20X9. One of the subsidiaries within the group, Lytton, did not meet the profile required by Grant and therefore the intention of Grant is to sell this subsidiary as soon as possible, and no later than 30 September 20X9.Which of these re-organisations would be classified as discontinued operations for the year ended 30 April 20X9?
A Maynard B Lytton C Both Maynard and Lytton D Neither Maynard or Lytton
