Measurement of the elements of financial position is the process of determining the monetary amounts at which the elements of the financial statements are to berecognizedand carried in the statement of financial position and statement of comprehensive income. There are number of basis of measurement that companies use in preparing financial statements.

Which of the following best explains the ‘current cost accounting’?

On 30 September 2012 the directors of Diego pIc decided to sell the company's services division and the division was classified as held for sale. The sale is expected to be completed, along with the sales of related assets, in early December 2012. One item of plant within this division had originally cost $30,000 and had a carrying amount of $15,000 on 1 November 2011. Diego plc will carry on using this plant until it is sold. Diego pIc has a year end of 31 October and depreciates all plant on a monthly straight-line basis using a monthly rate of 1%.

In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, what amount will berecognizedin the statement of financial position of Diego pIc as at 31 October 2012 in respect of this plant?

One plc has owned 100% of Ten Ltd and 60% of Six Ltd for many years. At 31 December 2012 the trade receivables and trade payables shown in the individual company statements of financial position were as follows.

One plcTen LtdSix Ltd

$000$000$000

Trade receivable 503040

Trade payable 301520

Trade payable are made up as follows

Amount owning to

One---

Ten 2-4

Six 3--

Other suppliers251516

301520

The intra-group accounts agreed after taking into account the following.

1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013

2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.

What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?