Summary
Summary Non-Current Assets Held for Sale IFRS 5
- Course
- Institution
- Book
Summary of IFRS 5 and related transactions
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Financial Instruments IFRS 9
-
Foreign Exchange IAS 21
-
Intangible Assets IAS 38
Seller
Follow
sjg2797
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller sjg2797. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now