IFRS5_06 - IFRS 5 International Financial Reporting...

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IFRS 5 © IASCF 533 International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations
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IFRS 5 534 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN6 INTERNATIONAL FINANCIAL REPORTING STANDARD 5 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS OBJECTIVE 1 SCOPE 2–5 CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE 6–14 Non-current assets that are to be abandoned 13–14 MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD FOR SALE 15–29 Measurement of a non-current asset (or disposal group) 15–19 Recognition of impairment losses and reversals 20–25 Changes to a plan of sale 26–29 PRESENTATION AND DISCLOSURE 30–42 Presenting discontinued operations 31–36 Gains or losses relating to continuing operations 37 Presentation of a non-current asset or disposal group classified as held for sale 38–40 Additional disclosures 41–42 TRANSITIONAL PROVISIONS 43 EFFECTIVE DATE 44 WITHDRAWAL OF IAS 35 45 APPENDICES A Defined terms B Application supplement Extension of the period required to complete a sale C Amendments to other IFRSs APPROVAL OF IFRS 5 BY THE BOARD BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE
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IFRS 5 © IASCF 535 International Financial Reporting Standard 5 Non - cu r r en t A s s e t s H e ld fo r Sa l e and Discontinued Operations (IFRS 5) is set out in paragraphs 1–45 and Appendices A–C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 5 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IFRS 5 536 © IASCF Introduction Reasons for issuing the IFRS IN1 International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) sets out requirements for the classification, measurement and presentation of non-current assets held for sale and replaces IAS 35 Discontinuing Operations . IN2 Achieving convergence of accounting standards around the world is one of the prime objectives of the International Accounting Standards Board. In pursuit of that objective, one of the strategies adopted by the Board has been to enter into a memorandum of understanding with the Financial Accounting Standards Board (FASB) in the United States that sets out the two boards’ commitment to convergence. As a result of that understanding the boards have undertaken a joint short-term project with the objective of reducing differences between IFRSs
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IFRS5_06 - IFRS 5 International Financial Reporting...

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