Classification Conditions

CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

Question

(a) “IFRS 5 Non-current Asset held for Sale and Discontinued Operations” sets out the principles governing the measurement and presentation of non-current assets that are expected to be realized through sale rather than through continuing use. The standard also deals with reporting the results of operations that qualify as discontinued.

Required:

Discuss the conditions which must be met for a non-current asset to be classified as being “held for sale” and explain the accounting treatment that applies when such a classification is deemed appropriate. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Treatment, Classification Conditions, Discontinued Operations, Held for Sale, IFRS 5, Non-current Assets
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: MAY 2018

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

Question

International Financial Reporting Standards (IFRS 5) on Non-Current Assets held for Sale and Discontinued Operations specifies the accounting treatment for assets held for sale and disclosure of discontinued operations.

Required:
Discuss the conditions which must exist in order to classify a Non-Current Asset as being held for sale and explain the accounting treatments that apply when such classification is deemed appropriate.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Classification Conditions, Held for Sale, IFRS 5, Non-current Assets
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2021

CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Treatment, Classification Conditions, Discontinued Operations, Held for Sale, IFRS 5, Non-current Assets
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: MAY 2018

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Classification Conditions, Held for Sale, IFRS 5, Non-current Assets
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2021

Question Tag: Classification Conditions

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CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

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CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

You're reporting an error for "CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)"

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

You're reporting an error for "FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)"

CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)

Outline conditions for classifying assets as held for sale and their accounting treatment under IFRS 5.

You're reporting an error for "CR – May 2018 – L3 – SB – Q3a – Impairment of Assets (IAS 36)"

FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)

Discuss conditions to classify non-current assets as held for sale under IFRS 5.

You're reporting an error for "FR – May 2021 – L2 – Q3a – Impairment of Assets (IAS 36)"

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