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Summary Non-Current Assets Held for Sale IFRS 5 $2.92   Add to cart

Summary

Summary Non-Current Assets Held for Sale IFRS 5

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Summary of IFRS 5 and related transactions

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  • No
  • Ifrs 5
  • February 9, 2018
  • 2
  • 2016/2017
  • Summary
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Main Requirements Non-
 Measured at lower of carrying amount before
classification as held for sale and fair value less
costs to sell
Current
 Depreciation ceases once classified
 Separately presented on SFP

Classification & Measurement Assets
 Criteria: Carrying Amount will be recovered through sale not use
 Available immediately in present condition for sale
 Highly probable that sale will occur:
 Appropriate management level has given approval
 Active programme to find buyer underway
 Currently marketed for sale at reasonable price
 Completed within 1 year
 Unlikely to withdraw from plan

Extended beyond 12 months

 Should not be reclassified as PPE if due to events out of entity’s control and
significant intention remains to sell

Exchange transactions

 Allowed if commercial substance exists (the two items are distinctly different
in terms of price, size, type, etc)

Criteria met after reporting period

 Non-adjusting event
 Disclose a note regarding the facts, descriptions and estimates



Classification of abandoned assets

 Not held for sale as value is not realised by sale but by use

Measurement

 Remeasure to lower of carrying amount and fair value
 PV of costs to sell
 Impairment is P/L
 If acquired for sale recognise at cost immediately revalue

Subsequent to revaluation

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