Indicate whether the following statement is true or false:

If the sale of a non-current asset is expected to take longer than 1 year to be completed but the reasons for the expected delay are beyond the control of the entity, it is still possible that the asset should be classified as ‘held for sale’.

Indicate whether the following statement is true or false:

 An entity owns a patent that was not yet available for use. At reporting date, the entity performed a review for indicators of possible impairment. This review showed no evidence that the patent was impaired. Since there was no evidence of a possible impairment, the recoverable amount for this asset need not be estimated.

Indicate whether the following is true or false.

 A property that was held for capital appreciation and thus correctly classified as investment property would have to be reclassified to inventory when the entity decides that it is now the right time to sell the property and cash in on (i.e. realise) the capital appreciation to date.

Indicate whether the following statement is true or false:

 Before an item may be recognised as an intangible asset, the entity needs to have legally enforceable rights over the future economic benefits expected from that item. 

Indicate whether the following statement is true or false:

 Intangible assets would be derecognised when no future economic benefits are expected – even if this occurs before its disposal.

Indicate whether the following statement is true or false:

 When measuring an intangible asset under the revaluation model, the fair value must be determined in terms of an active market but when measuring an item of property plant and equipment under the revaluation model, the fair value need not be measured in terms of an active market.

Indicate whether the following statement is true or false:

 An intangible asset’s useful life, for purposes of calculating its amortisation, will be 8 years if its economic useful life was 10 years and its legal life was 8 years.

Indicate whether the following statement is true or false:

 The useful life of an intangible asset for purposes of calculating amortisation may not necessarily reflect the entity's estimate of the asset's economic useful life but could represent its legal life instead.

Indicate whether the following statement is true or false:

 Disclosure is required of the description of fully amortised intangible assets that are still being used.

Indicate whether the following statement is true or false:

An asset that is held for sale but which the entity continues to use while waiting for the asset to be sold may not be classified as ‘held for sale’ in terms of IFRS 5.