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A non current asset is classified as held for sale. On the date of classification,...

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Accounting

A non current asset is classified as held for sale. On the date of classification, immediately prior to the transfer to the 'held for sale' classification, the asset had: a cost of $100 000, accumulated depreciation of $40 000(10% per annum, straight line over 4 years); and accumulated impairment losses in terms of IAS 36 of $15 000. The asset was then impaired in terms of IFRS 5 by $10 000. Asume that the above asset had not yet been sold at the end of the following reporting date, at which point its fair value less cost to sell was $75 000.

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