This standard prescribes the criteria and the accounting treatment for the non-current assets which are to be classified as held for sale, along with the presentation requirements for such assets. Whether serving public sector organisations, owner managed businesses, private individuals or listed companies with overseas operations, our goal is to help our clients achieve their ambitions. The post-tax profit or loss of the discontinued operation, The post-tax gain or loss recognised on the measurement to fair value less costs to sell, and. This is probably the longest article I have ever published (about 5 000 words and it took me about 30 hours to write it), but you don’t have to read it all, although I do recommend it as you will find a lot of analogy for your own situation. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet, IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1), Insights into PFRS 3: Definition of a Business, IASB issues Interest Rate Benchmark Reform, Insights into PFRS 16: Presentation and Disclosure, Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies, Application Deferral of PIC Q&A 2018-H and 2018-14, Sustainability Reporting Guidelines for Publicly-Listed Companies, Insights into PFRS 16: Sale and Leaseback Accounting, Insights into PFRS 16: Transition Choices, Use of the New General Information Sheet (GIS) Form, Rules on Material Related Party Transactions for Publicly-listed Companies, BOA Repealed Resolutions on FS Compilation Services, Online and Manual Submission of Forms/Notices Pursuant to SEC MC 28-2020, COVID-19 Accounting Implications for CFOs - Debt Modifications, Discussion Paper 'Business Combination under Common Control', SEC Memorandum Circular No. An illustrative example is included in paragraph IAS 39.F.5.5. COVID-19 supplement (PDF 2.5 MB) IFRS 12 supplement (PDF 1.2 KB) IFRS 15 supplement (PDF 1.5 MB) IFRS 16 supplement (PDF 1.8 MB) Annual Disclosure checklists: 2020 edition (PDF 2.5 MB) 2019 edition (PDF 2.6 MB) 2018 edition (PDF 1.9 MB) Interim Illustrative disclosures: 2020 edition (PDF 2.5 MB) 2019 edition (PDF 2 MB) 2018 edition (PDF 2 MB) Represents a separate major line of business or geographical area of operations. It sets the presentation and disclosure requirements for discontinued operations. 28 series of 2020, IASB issues Interest Rate Benchmark Reform Phase 2, IFRIC 23 - Uncertainty Over Income Tax Treatments, Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports, IASB Defers the Effective Date of IAS 1 Amendments, Guidelines on the Electronic Submission of the Annual Report and Audited Financial Statements to BSP, Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020, Work Suspension at the SEC Main Office and Extension of Deadlines for Certain Corporations, Adjustment of Deadlines for Submission of Annual Reports to the SEC and Other Announcements, Filing of Reports and Other Documents in SEC Main Office during Temporary Closure, Options for the Submission of Reports, Applications and Other Documents to the SEC During Community Quarantine, COVID-19 Accounting Considerations for CFOs: Revenue Recognition, COVID-19 Accounting Considerations for CFOs: Government Grants, IASB Amends IFRS 16 to Provide Relief for Lessees Accounting for Rent Concessions during the COVID-19 Pandemic, COVID-19 Accounting for Lease Modifications, SEC Notice on the Opening of SEC Express System and SEC Express Nationwide Submission, Insurance Commission Circular Letters: Regulatory Reliefs, Online Submission of Reports, and Deferral of IFRS 17 Implementation, COVID-19 Accounting Implications for CFOs: Impairment of Intangible Assets and Goodwill, IASB Issues Narrow Scope Amendments to IFRS Standards, Procedures in the Filing of Audited Financial Statements and General Information Sheet after the Enhanced Community Quarantine, Extension of Deadline for the Submission of 2020 Annual and Quarterly Reports and AFS of Companies with Fiscal Year Ended January 31 to April 30, 2020, Understanding the Impact of COVID-19 on 2020 Deferred Tax Provisions, IASB Proposes Relief for Rent Concessions During the COVID-19 Pandemic, Extension of Period to File the General or Special Form for Financial Statements and Guidelines on Submission by Electronic Mail, Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement, Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP, Reporting the Impact of COVID-19 to your Business, Guidelines on Filing SEC Form 17-LC and 17-C Report, COVID-19: Financial Reporting and Disclosures, COVID-19 Outbreak: Accounting Implications, Guidelines for Filing of Reports through Electronic Mail with the SEC during ECQ Period, Application of IFRS 9 in Light of the Coronavirus Uncertainty, [UPDATE] Regulatory Relief for Entities Regulated by the Insurance Commission, Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature, Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine, Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks, Alternative Means of Filing Reports, Communications and Other Documents with the SEC, SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements, Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period, SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication, SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19. 44D: Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by IFRIC 17 Distributions of Non- cash Assets to Owners in November 2008. These examples represent how some of the disclosures required by IFRS 8 for operating segments (in IG2, IG3, IG4, IG5 and IG6) might be tagged using both block tagging and detailed tagging. ; IFRS 5 Non-current assets held for sale and Discontinued operations contains rules which impact the measurement and presentation of such assets i.e. These are illustrative IFRS financial statements of a listed company, prepared in accordance with International Financial Reporting Standards. Shortly before starting the IFRS Certificate Program, I spent several months working on GAAP to IFRS issues for the first time in my career. Subscribe. instructions how to enable JavaScript in your web browser RSM is the trading name used by the members of the RSM network. Inline XBRL; ZIP; Example 6: First-time adoption of IFRSs, reconciliation of equity and total comprehensive income. Guidelines on Preventative Measures Against... SEC Memorandum Circular 2018-14 – PFRS 15 Implementation Issues Affecting Real Estate Industry. The company has rented an office with 5 years and the payment $120,000 is at the end of each year. Inline XBRL ; ZIP; Example 6: First-time adoption of IFRSs, reconciliation of equity and total comprehensive income. COVID-19 supplement (PDF 2.5 MB) IFRS 12 supplement (PDF 1.2 KB) IFRS 15 supplement (PDF 1.5 MB) IFRS 16 supplement (PDF 1.8 MB) Annual Disclosure checklists: 2020 edition (PDF 2.5 MB) 2019 edition (PDF 2.6 MB) 2018 edition (PDF 1.9 MB) Interim Illustrative disclosures: 2020 edition (PDF 2.5 MB) 2019 edition (PDF 2 MB) 2018 edition (PDF 2 MB) The price of the building has been fixed at $4m and a surveyor has valued the building based on market prices at $3.6m. IFRS e-learning (Deloitte) ... Review: This course gives a very good overview and fairly comprehensive examples of IFRS and GAAP to IFRS differences. In the statement of profit and loss and other comprehensive income: a single amount comprising the total of: The analysis of the single amount can be presented in the notes or on the face of the statement of profit or loss and other comprehensive income. Model IFRS statements . ACCA Financial Reporting (FR) Lecture *** Complete list of free lectures for ACCA Financial Reporting (FR) is available on ... IFRS 5 - Discontinued operations - CIMA F1 Financial Reporting To benefit from this lecture, visit OpenTuition to download CIMA ... (Pdf) Ifrs 5. Paragraph IFRS 5.9 provides an exception to the one-year-to-sale rule that is one of the criterion to be met for an asset/disposal group to be classified as held for sale. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations. It sets the presentation and disclosure requirements for discontinued operations. At the next reporting date, 31 December 2013, the FVL CS is . To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive. A company might hold an asset at the year end that it has the intension of selling. See also Examples 5-7 accompanying IFRS 5. Hedge ratio of the hedging relationship. Step one in the five-step model requires the identification of the contract … List of Examples 84. Tags: acca, acca study text, CFA STUDY TEXT, CIMA STUDY TEXT, gaap, ICAI STUDY TEXT, ICAP STUDY TEXT, ifrs, IFRS STANDARDS. These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. The users of the financial statements should be informed about these events. Those amendments shall be applied prospectively to … 32 series of 2020, SEC Memorandum Circular No. The RSM network is not itself a separate legal entity of any description in any jurisdiction. © 2020 Punongbayan & Araullo - All rights reserved. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. under IFRS 5 and the carrying value of the property was . Contractual rights under insurance contracts as defined in IFRS 4 Insurance Contracts. Non-current assets held for sale. 10 No. Management must be committed to a plan to sell the asset; An active program to find a buyer must be initiated; The asset must be actively marketed for sale at a price that is reasonable to its current fair value; The sale must be completed within one year from the date of classification; Significant changes to be made to the plan must be unlikely. Accounting, Auditing, Actuarial, IFRS Foundation & IASB, International Financial Reporting Standards (IFRSs), 2018 International Financial Reporting Standards (IFRSs), Illustrative Examples Accounting, IFRS, Insurance & Reinsurance under IFRS 5 and the carrying value of the property was . Significant judgment is required in some areas. Therefore, IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations was issued to highlight the results from continued operations and to separate them from the results of the ongoing activities. Shs2 50,000. Non-current assets classified as held for sale must be disclosed separately from other assets in the statement of financial position. Latest. Identification of contract. IFRS 5 focuses on 2 main areas: It specifies the accounting treatment for assets (or disposal groups) held for sale, and; It sets the presentation and disclosure requirements for discontinued operations. Scope and sample 4 3. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. The lease contract started on 1 January 2017 and the lease was recognized as operating lease since then. Under IFRS 5 ‘An entity shall present and disclose information that enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups)’. IFRS 5 requires discontinued operations to be presented as follows: 1. Examples from IAS 12 (Example 2 - Illustrative disclosure) representing some of the disclosures required by IAS 12 for income taxes using block and detailed XBRL tagging. International Financial Reporting Standards - IFRS: International Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of … In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. IFRS 9.6.5.15 (b)(i) Deferred hedging gains and losses and costs of hedging transferred to the carrying value of inventory purchased in the year 9(c) – (251) – (251) Transfer of gain on disposal of equity investments at FVOCI to retained earnings 9(c) – (88) 88 – IAS1(106)(d) Balance at 31 December 2015 140,942 2,380 101,038 244,360 App1006 # 2015 PricewaterhouseCoopers LLP. Examples of circumstances in which these adjustments may arise include the following: (a) ... applied IFRS 5, subject to the transitional provisions in paragraph 45 of IAS 27 (amended May 2008). International Financial Reporting Standards, Determining the Discount Rate Under IFRS 16, December Year-end Accounting Reminders - IFRS, RSM INSIGHT: Applying IFRS 9 financial instruments, June & July 2020 - Your Global Summary of IFRS News and Developments, It specifies the accounting treatment for assets (or disposal groups) held for sale, and. This publication explains IFRS 5's key implementation issues, common approaches to practical application and also includes several examples illustrating the Standard's disclosure and presentation requirements. Non-current assets classified as held for sale must be disclosed separately from other assets in the statement of financial position. In the statement of cash flows: the net cash flow attributable to the operating, investing and financing activities of discontinued operations. Michiel van der Lof. Consider the following example: Example: Treatment of intragroup transactions with discontinued operations. Here are the Model IFRS statements . IFRS 5 IFRS 5 Non-cash Assets Held for Sale and Discontinued Operations The Board has not undertaken any specific implementation support activities relating to this Standard. Deferred tax assets (IAS 12 Deferred Tax), Assets arising from employee benefits (IAS 19 Employee Benefits), Financial assets within the scope of IFRS 9 Financial Instruments, Non-current assets that are accounted for under the fair value model in IAS 40 Investment Property, Non-current assets that are measured at fair value less costs to sell in accordance with IAS 41 Agriculture. IFRS 5 sets out criteria for the sale to be highly probable: Immediately before the asset is classified as held for sale, it should be measured under its applicable IFRS. All rights reserved. To classify an asset as held for sale, the asset or disposal group must be available for immediate sale in its present condition and the sale must be highly probable. In accordance with this, references to ‘finance costs’ in IFRS 5 would be amended to be references to ‘interest expense on liabilities not arising from financing activities’. IFRS 16 sur les contrats de locationIFRS 16 sur les contrats de location 28N°440 RFComptable JUILLET-AOÛT 2016 Le modèle de comptabilisation des locations pour le preneur prévu par IFRS 16, est totalement innovant. To classify an asset as held for sale, the asset or disposal group must be available for immediate sale in its present condition and the sale must be highly probable. Read more articles. This publication explains IFRS 5's key implementation issues, common approaches to practical application and also includes several examples illustrating the Standard's disclosure and presentation requirements. Ifrs 5 Examples. EY EMEIA IFRS Leader. No responsibility for any errors or omissions nor loss occasioned to any person or organisation acting or refraining from acting as a result of any material in this website can, however, be accepted by the author(s) or RSM International. Latest. 4.5 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations; 4.5 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . IFRS 5 will not apply to a non-current asset that is going to be abandoned, as the carrying amount of an abandoned asset will be recovered through future use. We share our insight on what’s happening in the world of IFRS reporting, what preparers and users need to know now and the impact of new standards. View all. 8, September 2007 Article discussing the requirements of IFRS 5 which deals with the accounting for non-current assets held-for-sale, and the presentation and disclosure of discontinued operations. Facebook 0 Tweet 0 Pin 0 LinkedIn 0. 'Non-current Assets Held For Sale and Discontinued Operations - Challenges in Applying IFRS 5' is a publication by the IFRS team at Grant Thornton International Ltd. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) is not a new standard but experience has shown that implementing it can be a complex and time-consuming exercise. Welcome to EY.com. Disposal of subsidiaries, businesses and non-current assets – IFRS 5 44 Equity accounting – IAS 28 45 Joint arrangements – IFRS 11 46 Other subjects 47 Related-party disclosures – IAS 24 48 . Link copied The team. Any articles or publications contained within this website are not intended to provide specific business or investment advice. At the next reporting date, 31 December 2013, the FVL CS is . I also wrote this article for you to give you a few IFRS 15 examples and hints – all with the purpose to warn you. During the lecture on the IFRS 5, discontinued operations, you stated that we only have to report and disclose a discontinued operations in the period that the asset was either sold or decided to be held for sale. EY Asia Pacific IFRS Leader. IFRS 5 will not apply to a non-current asset that is going to be abandoned, as the carrying amount of an abandoned asset will be recovered through future use. 5 Best + Free IFRS Courses & Classes [DECEMBER 2020] 1. Let’s take a closer look to the main IFRS 5 rules. Additionally, the entity is planning to sell part of i… Back to Course Next Lesson. These are illustrative IFRS financial statements of a listed company, prepared in accordance with International Financial Reporting Standards. IFRS 5 makes it clear that itesms should only be classified as held for sale once they have met all the criteria as set out in IFRS 5.07-5.11: Asset (or disposal group) must be available for immediate sale in its current condition, subject only to terms that are usual and customary for sale of such assets AND its sale must be highly probable. IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations. For example, a car dealer presents all vehicles for resale under IAS 2 Inventories, not under IFRS 5. IFRS 5 came into effect on 1 January 2005. En revanche, côté bailleur, IFRS 16 aura peu d’effets. IFRS 5 Non-cur­rent Assets Held for Sale and Dis­con­tin­ued Op­er­a­tions outlines how to account for non-cur­rent assets held for sale (or for dis­tri­b­u­tion to owners). IFRS technical resources has all the technical guidance, latest thinking and tools from EY financial reporting professionals. However, in the example 3, I noticed you adjusted for the discontinued operations in year 2016 though the question stated that the business wound up in March 2017. IFRS IN PRACTICE 2016 fi IFRS 9 FINANCIAL INSTRUMENTS 5 1. reassessed at Shs265,000. Back to Course Next Lesson. Subsequently, after it has been classified as held for sale it must be measured at the lower of its carrying amount or fair value less costs to sell. Clare Wong. Illustrative disclosure. The IASB completed IFRS 9 in July 2014, by publishing a final standard which incorporates the final … Management and auditors should therefore assess the impact of IFRS 5 as soon as they become aware that it may be relevant. Example 5: Operating segments. A discontinued operation is a component of an entity that (IFRS 5.32): has been disposed of, or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or Shs2 50,000. IFRS 5 a été homologuée antérieurement par le règlement CE n° 2236/2004 du 29 décembre 2004. . Click to Download. A non-current asset must be classified as held for sale if most of its carrying amount is expected to be recovered via future cash flows from the sale of the asset rather than future cash flows from use. 5 6 7. The IFRS Interpretations Committee has previously considered a number of relevant issues … A discontinued operation is a component of an entity that has been disposed of or is classified as held for sale, and: IFRS 5 requires discontinued operations to be presented separately in the financial statements to keep the readers of the financial statements informed about those operations the entity has discontinued, and those operations the entity is continuing with in order to generate future profits and cash flows. In the statement of financial position: non-current assets of a disposal group must be presented separately from other assets. Punongbayan & Araullo (P&A) is a member firm of Grant Thornton International Ltd (GTIL). The entity will continue to use the building until another building has been found with equivalent facilities, and in a suitable location for the office staff, who will not be relocated until the new building has been found. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. This allows users of the financial statements to make their own assessments about the future prospects for the entity. GTIL and each member firm is a separate legal entity. Example 5: Operating segments. This exception is discussed in detail in paragraph IFRS 5.B1. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Income tax (expense) and reconciliations. For example, judgements made about the lease term or scope of the standard. The ineffectiveness recognised in P/L is based on comparing the actual hedging instrument with hypothetical derivative (IFRS 9.B6.5.5). During the lecture on the IFRS 5, discontinued operations, you stated that we only have to report and disclose a discontinued operations in the period that the asset was either sold or decided to be held for sale. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. RSM South Africa is a member of the RSM network and trades as RSM. instructions how to enable JavaScript in your web browser, the Association of Chartered Certified Accountants. Executive summary 3 2. You should take specific independent advice before making any business or investment decision. These examples represent how some of the disclosures required by IFRS 8 for operating segments (in IG2, IG3, IG4, IG5 and IG6) might be tagged using both block tagging and detailed tagging. The company has just followed IFRS 16 on 1 January 2019. This guide, in addition to providing detailed summaries and explanations of the requirements of IFRS 5, includes supplementary guidance and examples based on Deloitte's experience with the Standard. IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz Free IFRS Quizzes IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz ) , () ) Previous Lesson. You … Sort by: Latest Close. IFRS 5 summary with disclosure examples pdf is available. The post-tax gain or loss recognised on the disposal of assets or the disposal group making up the discontinued operation. For further information on this publication or the issues raised in it, please contact any of the following partners of the Firm: Dally B. Duque at Dally.Duque@pna.ph, Francis B. Albalate at Francis.Albalate@pna.ph or Mabel E. Comedia atMabel.Comedia@pna.ph. 2. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London, EC4N 6JJ. When a company makes the decision to sell an asset or to stop some part of its business, it is making a decision that affects the future cash flows, profitability and overall financial situation. I also wrote this article for you to give you a few IFRS 15 examples and hints – all with the purpose to warn you. EY Global IFRS Services Leader. For full functionality of this site it is necessary to enable JavaScript. © 2020 RSM International Association. Although the accounting treatment of these assets does not change, they must be presented separately from other assets and they require additional disclosure. Previous Post IAS 40 Investment Property | Examples | PDF. Disposal of subsidiaries, businesses and non-current assets – IFRS 5 44 Equity accounting – IAS 28 45 Joint arrangements – IFRS 11 46 Other subjects 47 Related-party disclosures – IAS 24 48 . The same applies for liabilities of a disposal group classified as held for sale. Each member of the RSM network is an independent accounting and advisory firm each of which practices in its own right. Assets or disposal groups acquired exclusively with a view to resale Under IFRS 5 ‘An entity shall present and disclose information that enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups)’. Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry, Implementation of IFRS 17, Insurance Contracts, Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions, SEC Memorandum Circular No. An entity has agreed in a directors’ meeting to sell a building, and has tentatively started looking for a buyer for the building. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug. IFRS 5 specifies the accounting for assets held for sale and the presentation and disclosure of discontinued operations. If a non-current asset is 'held for sale', the economic benefit of that asset is obtained through the asset's sale rather than through its continuous use in the business (future economic benefit). Our IFRS content collection includes blogs, publications, podcasts, videos and monthly IFRS news. Examples of better disclosure… IFRS 16 Thematic Review (September 2020) Executive summary Descriptions of judgements made by management in the application of the company’s accounting policy were absent or inadequate. Key findings • Timing of revenue recognition 5 • Variable consideration 9 • Revenue disaggregation 12 • Contract balances 13 • Significant judgements 14 • Costs to obtain or fulfil a contract 16 4. IFRS Taxonomy 2017 – Illustrative examples. IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz Free IFRS Quizzes IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz ) , () ) Previous Lesson. Non-current assets held for sale. Relevance. Leo van der Tas. This is probably the longest article I have ever published (about 5 000 words and it took me about 30 hours to write it), but you don’t have to read it all, although I do recommend it as you will find a lot of analogy for your own situation. It also provides the guidelines for the presentation of discontinued operations and related disclosures. Search. These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. GTIL does not provide services to clients. IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations. However, in the example 3, I noticed you adjusted for the discontinued operations in year 2016 though the question stated that the business wound up in March 2017. IFRS 5 focuses on two main areas: 1. Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Scope This section doesn’t apply to the following assets: deferred tax assets (IAS 12 Income Taxes) assets arising from employee benefits (IAS 19 Employee Benefits) financial assets within the scope… Of which practices in its own right South Africa is a separate legal entity IFRSs... Reporting date, 31 December 2013, the entity held for sale the. Summary with disclosure examples pdf is available this allows users of the RSM and! Ifrss, reconciliation of equity and total comprehensive income within this website and improve user experience aura peu d effets. Le règlement CE n° 2236/2004 du 29 décembre 2004 examples | pdf par le règlement n°. 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