tailieunhanh - Lecture IFRS primer international GAAP basics: Chapter 4 - Wiecek, Young

Chapter 4 - Non-current assets held for sale and discontinued operations: IFRS 5. The following will be discussed in this chapter: Related standards, IFRS 5, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 4 - Wiecek Young Non-current Assets Held for Sale and Discontinued Operations IFRS 5 Wiecek and Young IFRS Primer Chapter 4 Non-current Assets Held for Sale and Discontinued Operations Related standards IFRS 5 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice 2 Related Standards FAS 144 Accounting for the impairment or disposal of long-lived assets FAS 131 Disclosures about segments of an enterprise and related information 3 Related Standards IFRS 8 Operating segments IAS 36 Impairment of assets IAS 1 Presentation of financial statements 4 IFRS 5 - Overview Objective and scope Classification as held for sale Measurement Presentation and disclosure 5 IFRS 5 Objective and Scope Standards for non-current assets with carrying values to be recovered through sale rather than use Covers classification measurement presentation of assets held for sale and reporting of discontinued operations 6 IFRS 5 Objective and Scope Assets held for sale refers to all such recognized non-current assets and includes cash-generating units called disposal groups that may include current and non-current assets and liabilities Discontinued operation a component of an entity that either has been disposed of or is classified as held for sale 7 IFRS 5 Classification as Held for Sale Stringent conditions 1. Available for immediate sale in existing condition 2. Sale must be highly probable 3. Likely that significant change will not be made to the plan 4. Sale transaction will take place within one year from classification as held for sale 8 IFRS 5 Measurement On reclassification as held for sale - Measure at lower of carrying amount and fair value less costs to sell - Write-down is an impairment loss - Impairment loss is recognized in profit or loss - No depreciation is taken while classified as held for sale 9 IFRS 5 Measurement Remeasure at each balance sheet date - Increase in fair value .