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
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The

Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag

Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w

Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta

Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares

Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,

Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re