Summary
Summary Non-Current Assets Held for Sale IFRS 5
Summary of IFRS 5 and related transactions
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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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