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CA Final Ind AS 23 Borrowing Costs and Ind AS 40 Investment Property — practice questions — page 3

Explore 81 free Ind AS 23 Borrowing Costs and Ind AS 40 Investment Property questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 23 Borrowing Costs and Ind AS 40 Investment Property questions and exercises with answers

Showing questions 61–81 of 81.

What must all entities measure for disclosure?Read the answer and worked solution →Which valuation is encouraged for fair value?Read the answer and worked solution →Fair value should reflect which income?Read the answer and worked solution →Reliable fair value: what presumption applies?Read the answer and worked solution →Reliability of fair value is rebutted only when?Read the answer and worked solution →When may property move to or from investment?Read the answer and worked solution →Starting owner-occupation moves investment property to?Read the answer and worked solution →Development with a view to sale moves it to?Read the answer and worked solution →Lease to another party moves inventories to?Read the answer and worked solution →Plan to sell investment property undeveloped: classification?Read the answer and worked solution →Redevelopment for continued rental use: classification?Read the answer and worked solution →Transfers between categories change carrying amount how?Read the answer and worked solution →Gain or loss on disposal equals what?Read the answer and worked solution →Carrying Rs 1.2 crore; net proceeds Rs 1.5 crore. Recognised?Read the answer and worked solution →Compensation for lost property is recognised when?Read the answer and worked solution →Liabilities kept after disposal fall under which Standard?Read the answer and worked solution →What must be disclosed under the cost model?Read the answer and worked solution →Which profit or loss amounts must be disclosed?Read the answer and worked solution →When classification is hard, what is disclosed?Read the answer and worked solution →If fair value is unreliable, what is disclosed?Read the answer and worked solution →Restrictions on realisability: what is disclosed?Read the answer and worked solution →

Worked practice questions

What must all entities measure for disclosure?

  1. Fair value of property
  2. Replacement cost of land
  3. Insured value of building
  4. Scrap value of building
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Correct answer: A. Fair value of property

All entities must measure fair value of investment property for disclosure even while following the cost model.

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Which valuation is encouraged for fair value?

  1. Independent qualified valuer
  2. Company finance manager
  3. Previous property owner
  4. Revenue department clerk
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Correct answer: A. Independent qualified valuer

Use of an independent valuer with recognised qualification and recent location experience is encouraged but not compulsory.

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Fair value should reflect which income?

  1. Expected sale gains only
  2. Rental income from leases
  3. No income of any kind
  4. Owner's use value only
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Correct answer: B. Rental income from leases

Fair value reflects, among other things, rental income from current leases and market participants' assumptions.

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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 103 Business Combinations