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WHAT ARE THE OBJECTIVES AND SCOPE FOR IAS 5

WHAT ARE THE OBJECTIVES AND SCOPE FOR IAS 5

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Expert Solution

Non- current Assets Held for Sale and Discontinued Operations (IAS 5)

OBJECTIVES

  1. Non-current assets Held for sale are presented separately from other Assets in the balance sheet as their classification will change and the value will be principally recovered through sale transaction rather than through continuous use in operations of the entity
  2. Results of Discontinuing Operations should be separately presented in the Statement of Profit and Loss as it affects the ability of the entity to generate future cash flows. This Standard specifies the presentation and disclosure of Discontinued Operations

  SCOPE

IAS 5 deals with

  • Non-current asset or disposal group held for sale
  • Non-current Asset or disposal group held for distribution to Owner
  • Discontinued Operations
  • Abandoned assset

IAS 5 is not applicable to following

  • Deferred tax asset
  • Asset arising from Employees benefit
  • Financial asset which are covered under IAS 9
  • Non-current asset which are measured at fair value less costs to sale in accordance with IAS 41 [Ex:- Biological Asset(other than bearer plant)]
  • Contractual rights under insu6 contracts as defined in IAS 4, Insurance Contracts

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