An investment property is derecognized (eliminated from the statement of financial poisition) whena.It is permanently withdrawn from use.b.No future economic benefits are expected from its disposal.c.It is disposed to a third party.d.In all of the above cases.Clear my choice

Financial assets are derecognised under the following situations except forAnswer :The contractual rights to receive cash flows expires  A financial asset is sold unconditionally for a single fixed cash amountA financial asset is sold with an option to repurchase the financial asset at its fair value at the time of repurchase  Substantial risk and reward of ownership of the financial asset are not transferred

An entity purchased property for $6 million on 1 July 20X3. The land element of the purchasewas $1 million. The expected life of the building was 50 years and its residual value nil. On30 June 20X5 the property was revalued to $7 million, of which the land element was$1.24 million and the buildings $5.76 million. On 30 June 20X7, the property was sold for$6.8 million.What is the gain on disposal of the property that would be reported in the statement ofprofit or loss for the year to 30 June 20X7?A Gain $40,000B Loss $200,000C Gain $1,000,000D Gain $1,240,000

Which one of the following is not true concerning the treatment of investment properties under IAS 40?a.A gain or loss arising from a change in the fair value of an investment property should be recognised in other comprehensive incomeb.If an investment property is held at fair value, this must be applied to all of the entity's investment property.c.An investment property is initially measured at cost, including transaction costsd.Following initial recognition, investment property can be held at either cost or fair value.Clear my choice

The amount of use that the company expects to obtain from an asset before disposing of it is referred to as the life of the asset. (Enter only one word.)

If a plant asset is retired before it is fully depreciated and no salvage value is received,Group of answer choicesa gain on disposal occurs.neither a gain nor a loss occurs.a loss on disposal occurs.either a gain or a loss can occur.