IFRS 5 Non Current Assets Held for Sale and Discontinued operations
IFRS 5 states accounting for the non-current asset held for sale and discontinued operations. according to IFRS 5 Non Current Assets Held for Sale, assets held for the in the financial statements are not depreciated and these assets are measured at lower of;
Classification of an Asset as Held for Sale;
IFRS 5 states accounting for the non-current asset held for sale and discontinued operations. according to IFRS 5 Non Current Assets Held for Sale, assets held for the in the financial statements are not depreciated and these assets are measured at lower of;
- Carrying amount
- Fair Value less cost to sell
Classification of an Asset as Held for Sale;
- Management has decided or committed to selling the asset
- The asset is available for sale in current situation
- There is an active program or campaign to find out the buyer
- The sale is highly probable and expected to take place within 12 months
- The marketing of the asset started and the sale price of the asset is reasonable
- There are no chances of withdrawing the plan to sell the asset to the management