Ifrs 5 non-current assets, Auditing

IFRS 5 Non-Current Assets

IFRS 5 Non-Current Assets Held for Discontinued and Sale Operations

The Discontinuing Operation is a component of an enterprise:

(a)  Such the enterprise, a pursuant to a single plan, as:

(i) Substantially disposing of in its entirety that as through selling the component in a single transaction, through demerger or spin off of the component of ownership to the enterprise's shareholders.

(ii) Disposing of piecemeal, like through selling off the component's assets and settling its liabilities separately; or

(iii) Terminating by abandonment

(b)  That represents a individual major line of geographical and business area of operations; and

(c) That can be differentiating operationally and for financial reporting reason.

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations prescribes the accounting for assets held for sale and disclosure and the presentation of discontinued operations. A measurement provision of IFRS 5 applies for all non-current assets and disposal collections, except for:

  • Deferred tax assets as IAS 12 Income Taxes;
  • Assets arising from employee profits as IAS 19 Employee profits;
  • Financial assets during the scope of IAS 39 the Financial Instruments: Measurement and Recognition;
  • Non-current assets such are accounted for in accordance along with the fair value model in IAS 40 Investment Property;
  • Non-current assets such are measured at fair value less approximate point-of-sale costs in accordance along with IAS 41 Agriculture; and
  • Contractual rights within insurance contracts as described in IFRS 4 Insurance Contracts.
Posted Date: 1/28/2013 1:30:09 AM | Location : United States







Related Discussions:- Ifrs 5 non-current assets, Assignment Help, Ask Question on Ifrs 5 non-current assets, Get Answer, Expert's Help, Ifrs 5 non-current assets Discussions

Write discussion on Ifrs 5 non-current assets
Your posts are moderated
Related Questions
It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five

Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be

The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness.

Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo

Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe

Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st

Assessment item 2 Case Study and Report Due date: 19-08-2016 Length: 2000 words Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-t