Question 1 (14 Marks): (a) IFRS 5 requires certain conditions to be met before an asset or disposal group can be classified as held for sale. What are these conditions? [4 Marks] (b) A subsidiary entity, Snowflake Ltd, is for sale at a price $ 8 million. There has been some interest from prospective buyers but no sale as yet. One buyer has made an offer of $ 7 million but the directors of the parent company have declined the offer. An accountant firm which was appointed by the parent company has just submitted a report and advice that the fair value of Snowflake Ltd is $ 9.5 million. They have decided not to lower the sale price of Snowflake Ltd at the moment. Discuss whether the subsidiary can be classified as held for sale. [6 Marks]