Question
Select the most correct answer: An item of property, plant and equipment meets the criteria on 30 April 20X5 to be classified as held for
Select the most correct answer:
An item of property, plant and equipment meets the criteria on 30 April 20X5 to be classified as held for sale. The entity has a financial year-end of 31 December. The asset is classified as held for sale from:
a. 1 January 20X5, being the first day of the year in which the asset meets the criteria to be classified as held for sale.
b. 30 April 20X5,being the date the asset meets the criteria to be classified as held for sale.
c. 31 December 20X5, being the reporting date of the year in which the asset meets the criteria to be classified as held for sale.
d. 1 January 20X6, being the first day of the year after the year in which the asset meets the criteria to be classified as held for sale.
e. none of the above answers are correct.
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Understanding And Auditing IT Systems Volume 1
Authors: Young-Woon Min
2nd Edition
978-1257124084
