CPA Core 1 Exam 2022 Questions and Answers compete solution

CPA Core 1 Exam 2022 Questions and Answers compete solution Question:-How are Accounting Changes Handles {{Ans- Change in Estimate > prospectively Change in Accounting Policy > retrospectively or follow transition guidance if new standard Correction of Error > Retrospectively IFRS - IAS 8 ASPE 1506 Question:-To be considered as "Held for sale" a non-current asset must meet this criteria {{Ans- · Must be available for immediate sale in present condition · Terms of sale must be usual and customary · Sale must be highly probable o Mgmt. committed to sell o Actively looking for buyer o Asset must be marketed at reasonable price o Sale should be expected to be completed within 1yr (can be waived for delays outside entity's control) o Actions required to complete should indicate no significant changes/withdrawals planned. *Measurement is at lower of carry value or FV less selling costs IFRS 5 ASPE 3475 Question:-To be considered a discontinued operation, a component must meet what criteria {{Ans- · Must meet "held for sale" criteria Plus ONE of the following · It represents a separate major line of business or geographical area of operations. · It is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. · It is a subsidiary acquired exclusively with a view to resale. IFRS 5 ASPE 3475