Ifrs 5 non-current assets, Auditing

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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.

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