Question $1(10$ Marks$)$: $($a$)$ IFRS $5$ requires certain conditions to be met before an asset or disposal group can be classified as held for sale. What are these conditions? $[4$ Marks$]($b$)$ A subsidiary entity, Tropical Ltd$,$ is for sale at a price $\backslash (\backslash$$ $30\backslash )$ million. There has been some interest from prospective buyers but no sale as yet. One buyer has made an offer of $\backslash (\backslash$$ $25\backslash )$ million but the directors of the parent company have declined the offer. An accounting firm which was appointed by the parent company has just submitted a report and advice that the fair value of Tropical Ltd is $\backslash (\backslash$$ $32\backslash )$ million. They have decided not to lower the sale price of Tropical Ltd at the moment. Discuss whether the subsidiary can be classified as held for sale.