Start learning →

CA Final Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations — practice questions — page 2

Explore 55 free Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

Practise Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations with Quill →

Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations questions and exercises with answers

Showing questions 31–55 of 55.

Which case permits an exception to the one-year sale period?Read the answer and worked solution →A firm purchase commitment is an agreement with an unrelated party that is:Read the answer and worked solution →If the criteria for held for sale are no longer met, the entity:Read the answer and worked solution →An adjustment on an asset ceasing to be held for sale is included in:Read the answer and worked solution →Once one asset leaves a held for sale group, the rest stay a group only if:Read the answer and worked solution →Which asset is outside the measurement requirements of Ind AS 105?Read the answer and worked solution →Assets arising from employee benefits stay measured under which standard?Read the answer and worked solution →Financial assets within a disposal group continue to be measured under:Read the answer and worked solution →Non-current assets measured at fair value less costs to sell under Ind AS 41 relate to:Read the answer and worked solution →Why was IFRS 5 para 5(d) on investment property deleted?Read the answer and worked solution →Why were IFRS 5 separate income statement rules deleted?Read the answer and worked solution →Transitional provisions of IFRS 5 are found in India in which standard?Read the answer and worked solution →Later adjustments to a prior-period discontinued disposal are shown:Read the answer and worked solution →If a component stops being held for sale, its earlier results are:Read the answer and worked solution →Interest on liabilities of a disposal group classified as held for sale:Read the answer and worked solution →What must be disclosed when an asset is classified held for sale?Read the answer and worked solution →Cumulative OCI linked to held for sale assets is:Read the answer and worked solution →Non-current assets are reclassified as current only when they:Read the answer and worked solution →A disposal group impairment loss reduces assets in the order set out in which standard?Read the answer and worked solution →A disposal group includes goodwill when it is a cash-generating unit to which goodwill has been:Read the answer and worked solution →Where an asset is part of a disposal group, the measurement rules apply to:Read the answer and worked solution →Highly probable assessment considers the probability of:Read the answer and worked solution →A held for sale asset must be marketed at a price that is:Read the answer and worked solution →A held for sale asset must be available for immediate sale subject only to terms that are:Read the answer and worked solution →A gain or loss on a held for sale asset not recognised by the sale date is recognised:Read the answer and worked solution →

Worked practice questions

Which case permits an exception to the one-year sale period?

  1. Seller waits for better prices
  2. No buyer has been found yet
  3. Outsiders' conditions need a firm bid
  4. Asset is under a long repair
Show answer and solution

Correct answer: C. Outsiders' conditions need a firm bid

If outside parties impose conditions that can be addressed only after a firm purchase commitment, and that commitment is highly probable within a year, the exception applies.

Open this question →

A firm purchase commitment is an agreement with an unrelated party that is:

  1. Verbal and renewable annually
  2. Binding on the buyer only
  3. Binding on both parties
  4. Non-binding but in writing
Show answer and solution

Correct answer: C. Binding on both parties

A firm purchase commitment is binding on both parties and has a disincentive for non-performance large enough to make performance highly probable.

Open this question →

If the criteria for held for sale are no longer met, the entity:

  1. Keeps the classification a year more
  2. Ceases to classify it as held for sale
  3. Deletes the asset from the ledger
  4. Treats the asset as abandoned now
Show answer and solution

Correct answer: B. Ceases to classify it as held for sale

Once the conditions fail, the asset must cease to be classified as held for sale.

Open this question →

How to practise

  1. Choose a Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property