Effective February 1 of the current year, Fantastic Guideposts Inc. (FGI) classified the land and building of a closed retail location as HFS, as all of the criteria for classification were met. On January 1 of the current year, the land and building had a cost of $800,000 and $550,000, respectively. At that time, the building had been depreciated on a straight-line basis over 25 years and had an accumulated depreciation of $176,000 with no residual value. The land and building have a fair value less costs to sell of $1,100,000 and $775,000, respectively. Assuming FGI reports under IFRS, what amount should FGI show on its statement of financial position as at December 31 of the current year for the land and building?

Answer rating: 100% (QA)

Under IFRS when an asset is classified as held for sale HFS it should be ... View the full answer