On March 1, 2023, Qatar Insurance purchased 4 percen bonds for QR 4 millions with the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On March 1, 2023, Qatar Insurance purchased 4 percen bonds for QR 4 millions with the intention of collecting interest and principal payments till the bonds' maturity or selling these bond before maturity should there be a need to do so on. On December 31, 2023, the fair value of these bonds was QR 4.3 millions. One February, 2, 2024, Qatar Insurance sold the bonds for QR 4.6 millions. Based on IFRS 9, how should Qatar Insurance account for the SALE of this investment? On March 1, 2023, Qatar Insurance purchased 4 percen bonds for QR 4 millions with the intention of collecting interest and principal payments till the bonds' maturity or selling these bond before maturity should there be a need to do so on. On December 31, 2023, the fair value of these bonds was QR 4.3 millions. One February, 2, 2024, Qatar Insurance sold the bonds for QR 4.6 millions. Based on IFRS 9, how should Qatar Insurance account for the SALE of this investment?
Expert Answer:
Answer rating: 100% (QA)
Under IFRS 9 International Financial Reporting Standards Qatar Insurance should account for the sale ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following is a schedule of property dispositions for Shangari Corp.: The following additional information is available: Land On February 15, land that was being held mainly as an investment was...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
A car is initially travelling at 3 0 m / s , which is above the speed limit . The driver sees a speed limit trap ahead and applies the brakes for 5 seconds, causing the car to slow down by 2 m / s...
-
Determine the greatest force P that can be applied to the truss so that none of the members are subjected to a force exceeding either 1.5 kN in tension or 1 kN incompression. -3 m--3 m- -3 m- 3m VP
-
Determine the present value of payments of $100 at the end of each month for 20 years. Use a discount rate (interest rate) of 6% compounded monthly.
-
It is easy to see that and (RT)* = {0}
-
Entries for Lower-of-Cost-or-Market'Direct and Allowance Malone Company determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2009, December 31, 2010, and December...
-
Many manufacturers are now increasingly combining both offline and online channels to bring their products to customers. In your opinion, what are these companies trying to achieve with such a move?...
-
You manage Walnut Customer Call Center, a small business that provides call- center services under contract with various firms. Your staff of 12 employees has enjoyed a dress code that is very...
-
A distinction made by some economists is that between voluntary and involuntary unemployment. Many economists would regard equilibrium unemployment as voluntary. If people choose not to accept a job...
-
1. Given the grammar: + * | ( ) | A | B | C (a) Show the parse tree of expression: A + C * B (b) Show the parse tree of expression: A * ( B+( C ) )
-
(1) Modify the array implementation of a stack given so that (1) the bottom will be anchored to the low-indexed end of the array (position 1), and (2) the top will be the higher-indexed element of...
-
A thermodynamic system temperature increases from 20.22 C to 22.36 C while 6,508 joules of electric work are done on the system. Calculate the heat capacity of the system in Joules per Kelvin.
-
A motorist runs out of gas on a level road 160 m from a gas station. The driver pushes the 1,140 kg car to the gas station. If a 190 N force is required to keep the car moving, how much work (in J)...
-
How does our bureaucracy intersect with healthcare? Overview Select a federal or tribal medical agency to research : HHS, CDC, CMS, USDA (SNAP Program), Indian Health Services, VHA. Instructions...
-
An investment at 10.47% effective annual rate compounded monthly is equal to an annual percentage rate of: A. 10.99% B. 9.57% C. 10% D. None of the above If the one-year discount factor is 0.8333,...
-
Let (X. A. p) be a measure space. Show that for any A,B A, we have the equality: (AUB)+(An B) = (A) + (B).
-
Your supervisor has asked you to research the following situation concerning Owen and Lisa Cordoncillo. Owen and Lisa are brother and sister. In May 2012, Owen and Lisa exchange business pickup...
-
Ulysses and Penelope are married and file separate returns for 2012. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250,...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
-
Under an evolutionary classification system, species are grouped together based on (a) their shared similarities. (b) how closely related they are to one another. (c) their position in a hierarchy...
-
What criteria are used to classify species in the Linnaean system?
-
The scientific name of a species (a) consists of two parts, the family name and the species name. (b) is always underlined. (c) is always in Latin. (d) includes only the species name.
Study smarter with the SolutionInn App