Scope of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 5 deals with non-current assets held for sale, held for distribution to owners and with presentation of discontinued operations. IFRS 5 applies to all recognised non-current assets and to all disposal groups. There are certain scope exceptions listed in paragraph IFRS 5.5, but they relate to measurement only.

Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance in accordance with IAS 16.

© 2018-2021 Marek Muc

Excerpts from IFRS Standards come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). The information provided on this website is for general information and educational purposes only and should not be used as a substitute for professional advice. Use at your own risk. IFRScommunity.com is an independent website and it is not affiliated with, endorsed by, or in any other way associated with the IFRS Foundation. For official information concerning IFRS Standards, visit IFRS.org.

Questions or comments? Post them on our Forum