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|Investments held for sale ifrs 5||583|
|Fdi investment in different sectors||In my understanding, IAS 36 would be ineffective if asset or disposal group has been classified as Asset Held for sale. In case of a disposal group, any associated liabilities are not allowed to be offset against assets. Example 2 An entity is committed to a plan to sell a manufacturing facility and has initiated actions to locate a buyer. If the criteria for classifying a non-current asset as held-for-sale occur after the balance sheet date, then the non-current asset should not be shown as held-for-sale but disclosure of the fact should be made. Skip to main content.|
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Do these form part of the costs associated with the discontinued operations i. Dear Sarah, in the statement of comprehensive income, you should dislose one single amount that comprises of: — post-tax profit or loss of discontinued operations I guess all the related expenses would come here and also — post-tax gain or loss recognized in the re-measurement to fair value less costs to sell or on the disposal of assets constituting the discontinued operation.
However, you need to provide the breakdown of this amount in the notes to the financial statements or on the face of the statement, as you wish. You need to show the revenues, expenses, pre-tax profit or loss, gain or loss on the remeasurement of assets to fair value less cost to sell and gain or loss on the disposal, plus tax expense. Dear Silvia M, Thank u very much for the articles indeed! Can you please help me on following questions? Dear Silvia, thank you for your knowledge sharing, simply amazing.
Related to the topic, I have a question relating to impairment reversal. In we decided to sell a hotel and recognised it as asset held for sale. During negotiations with buyer took place. The contract was signed on January 5, The question: is this adjusting or non-adjusting event?
Thank you for your view. Dear redhotar, this is non-adjusting event in a sense that you DO NOT recognize revenue in , but in However, as for the reversal of impairment loss, I would recognize it in The reason is that by 31 December , you have already got the sufficient evidence that the fair value of a hotel is much higher than its carrying amount. The evidence is that the sale contract has been prepared and the price and everything were confirmed by the seller.
I read some of the comments below, and someone asked about how you would treat an abandoned asset. So once a company decides to abandon an asset, an impairment test should be performed. It is discontinued operation in income statement.
How do you recognize it on balance sheet? Please clarify, thank you. Dear Silvia, A Group disposes of a subsidiary that does not represent a separate major line of business or geographical area of operations. My understanding is that this case does not respresent a discontinued operations, and income and expenses of disposed subsidiary should be consolidated line by line till the date of disposal and not in single line of discontinued operations.
Is this correct? Hi SIlvia. In a similar case as above, except that the management has not disposed the subsidiary yet. Assuming that it meets the criteria of NCA held of sale. However, the subsidiary is not considered as a separate major line of business and hence does not represent a discontinued operation, should it still be classified as an NCA held for sale then?
Hi Max, I explained the link between NCA held for sale and discontinued operations above, in my reply to Hesham — I would be just repeating what I wrote there. You are contributing more. Thank you for your effort. I would like to ask that if a company has a reportable segement a division in opertion and related PPE items land, building and equipments as per IAS 16 and during the year stop the operations and rent out the whole division to its subsidiary company.
Whether it is a discontinued operation as per IFRS — 5? However, at the same time, if you are not going to sell the division, it is NOT classified as held for sale and not accounted for as such. Thank you for your reply, however I need to correct one point in the query i. Now, would there be any change in treatment? If a disposal group has been disclosed as held for sale, does it impact going concern considerations? Thanks in advance. Regards, Cathy. In that case argueing that the subsidiary represents a major line of business , does the disclosure of discontinued operations apply?
Oh and one more question: according to your guidance, the presentation of result from discontinued operations is not included as such in the income statement but in the comprehensive income staement. When I lookup guidance from a Big4 firm, they note that the income statement should reflect the result form discontinued operations as well. Is this mandatory in case of discontinued operations?
IFRS seems to speak about the comprehensive income statement only. I have a question, when there is a discontinued operation recognized NOT held for sale we report this division separately, and we depreciate all assets as before or we stop depreciating as in the case of assets held for sale?
Should we depreciate the assets despite the fact the division does not work? Dear Lexo, as soon as you have discontinued operation, then you have to perform impairment testing of your assets. That should give you the answer. You recognize the impairment loss first. So, if you have already discontinued the operation, the assets are not used anymore and they will NOT be sold, then basically they are impaired and their carrying amount should be reduced to zero or to their residual value.
Also, if you are not using the assets and will not use them anymore, it means their useful life is over and they should not be depreciated. My question is for after the asset is sold over a year end. If we classify an investment in JV Equity Accounted as held for sale in a mid year, will we end the equity accounting on the date of classification by considering only the proportionate profit Upto the date of classification calculated pro rata on time proportion or the whole year profit?
Dear Silvia, Thanks for your knowledge sharing. A quick one, if a disposal group is held for sale in year and assets and liabilities presented as a separate line in the financial position, what happen to comparative year , are we going to retrospectively classify in too?
Dear Silvia. If there is an increase in the fair value less costs to sell, BUT there is no measurement model given cost or revaluation method. Do you just do an adjustment on the fair value that has increased? Do you simply just Dr Non-current assets held for sale and Cr Fair-value adjustment?
Dear Sylvia, a company bought demolished factory land, buildings, equipment , with the intention to reorganize the business and start the production again. It is completely separated from the business the company is usually in. The price paid was the estimated fair value. However, the plans for reconstructing were not fulfilled, and the management decided to sell the factory.
The fair value was estimated again, company actively searched for a buyer etc. Two buyers actually attended the sale process, paid the deposit, however, eventually both of them gave up on buying the factory for other reasons. On December , it was more likely than not that the carrying amount of assets will be recovered through sale rather than trough continuing use.
Management has not changed the intention to sell the PPE after December 31, however, it does not seek for a buyer anymore actively. They are disappointed with the fact the first sale was so unsuccessful. None of the buyers indicated that the price is too high. Should the property, plant and equipment be classified as held for sale as of December 31? When is proceed on disposal of Non-Current Assets stated as other Income?
I have a division which is part of plan to disposed off. Hi Silvia I would just like to find out, if the entity is transferring their assets to another entity at no consideration, does IFRS 5 still apply. Q2: Do I need to present discontinued operation if i want to prepare Interim Condensed financial information for Q3 as of Septmber 30, or is this represent disposal such as any disposal in assets?
Hello Silvia and everyone. How to split deferred tax between disc. How to split current tax as well? Thank you everyone. Hi Silvia, I want to thank you so much for your website and explanation to IFRS, it has demystified financial reporting for me.
Thank you. I simply love you mam! So nice of you to help us out in a quick and easy manner. Lots of love and respect for this effort. Dear Silvia, The company is in a process of selling its subsidiary, a factory which is a company as well. Meanwhile, the factory is working full-time and producing goods. Should the factory stop being depreciated?
Dear Slivia If a company has a wholly owned subsidiary for 10 months in the year and then dilutes its shareholding such that the sub becomes a JV, will this be treated as a discontinued operations? Is it the lower of Carrying amount and Fair Value less cost to sell? If the Group has sold subsidiary company the major seperate business line in , but has not prepared financial statements for previous years. When preparing financinal statement for should it present that subsidiary sold as held for sale?
In they did not plan to sell that subsidiary. Can anyone please advise me on the following case The company abandon the operation before the start of business and end up in paying compensation for the landlord from whom the building is to be leased.
Thanks Sylvia How should this expense be treated? Can the treatment be as per IFRS 5 or to be considered as an operation expenses. My question is how about the components of equity? Do we present it as one line as well for a subsidiary held for sale? Hi Josh, although not explicitly said in the standard — yes, you in fact do need to present it separately. The reason is that you need to present the elements of total comprehensive income separately and that affects the equity, too.
Hi Silvia, Thank you for this. I have a question relating to a parent and subsidiary A who signed an agreement to transfer lease and customer contracts from subsidiary A to parent by end of There is a buyer, but the asset was not actively marketed for sale.
Will it be R or do you deduct the vat amount that is included in the R for each vehicle and then income would be R Regards. Hi If you sell cars and you sold 8 cars for R each vat inclusive. What will be the income earned from the sale of vehicles?
Do you deduct the vat inclusive or not Will the income be R? Hello Madam, If a subsidiary company transfer whole business to its parent company through the Business Transfer agreement then this is called as discounted operation?. After business transfer subsidiary is not having any business. Hi silvia, I have a questions regarding on the recognition of impairment losses and reversals. Can you please explain in detail?
In my understanding, IAS 36 would be ineffective if asset or disposal group has been classified as Asset Held for sale. So, the impairment loss for asset or disposal group that has be classified as Asset held for sale, is the difference between Carrying Amount and FV less cost to sale,right? How about the other asset that are not within the scope of IFRS 5 such as deferred tax expense and so on? How does the impairment loss is recognized? Dear Silvia, thank you for your work simply amazing.
In BBP, eg 1. First 9 months were consolidated and last 3 months reported under IFRS 5 as discontinued. In eg 2 A Subsidiary was acquired Oct. The full 3 months were reported under IFRS 5 as discontinued operation. Please explain. BPP Chap 13 examples. Hello, may I kindly recommend looking to the BPP book solutions? Asset held for sale can depreciate if still in operation? We are doing the impairment loss instead. By using our website, you agree to the use of our cookies. Learn more Got it!
Objective of IFRS 5 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. Let me point out that you should apply IFRS 5 for all non-current assets — no exception. When to classify an asset as held for sale You should classify a non-current asset as held for sale if its carrying amount will be recovered principally through a sale rather than continuing use.
Special For You! Click here to check it out! Check your inbox or spam folder now to confirm your subscription. Silvia M. August 25, at pm Dear Wilson, as soon as it meets all the above stated conditions for classifying as held for sale, then yes e. Maria August 30, at pm But IAs 40 is an exception as you mentioned above? Hesham August 25, at pm Dear Silvia, I use this opportunity to thank you so much for your great website, articles and videos that really helped us a lot.
August 26, at am Dear Hesham, I understand your confusion. Hesham August 26, at pm Thank you Silvia for your time writing this comprehensive answer. Rayudu March 25, at pm Thanks madam. Sofia Limantara April 17, at am It is the nature of operations, since the segment is based on the type of business done. August 26, at am Dear Chintaka, good question — IFRS 5 does not say anything about it and IAS 16 says that you reclassify the revaluation surplus in equity when you derecognize the asset.
Mehtab January 4, at am Please tell me about as when we purchase assets what will be happen in accounting cycling. Joel August 26, at am Hello Silvia, Your articles are enlightening. The standard described Discontinued operations as such component of an entity understand: a cash-generating unit or a group of cash-generating units that either has been disposed of or is classified as held for sale, and at the same time: Represents a separate major line of business or geographical area of operations.
August 26, at am Hi Joel, thank you for your comment. Efange August 27, at am Hello Silva, Thanks for this wonderful article. It really made my day. Sameh August 28, at am Thanks Silivia for your articles. Keep it up. We follow up them and learn from you. Ayo August 29, at pm Thank you Silva.
Your explanations are fantastic and very enlightening. Saad Ssenyondo August 30, at am Thank you Silva. Explanations are really great. Bekezela September 1, at pm This article was really helpful to me thank you so much Silva. Dormboy September 26, at pm Hi I would like how to account the asset held for sale if the sale is not yet completed during the following year.
October 7, at am Hi DB, you do account for it under IFRS 5 — the only exception is that you should discount the cost to sell to its present value. Edmundo Gomez October 1, at am Hi Silvia, congratulation for your website and thank you for your contribution, I have a doubt, when a company plan to close, can I present PPE as a assets held for sale? Serena February 21, at am Hi Silvia, Following Edmundo Gomez s question, in his case, shall we cease depreciations after booking impairments?
February 21, at am Hi Serena, yes, of course. Serena February 22, at pm Hi Silvia, Thanks for your reply. Ahsan October 12, at pm Hello silvia! October 12, at pm Ahsan, I think you got it just partially right. Sudhindra November 13, at pm Hi Silvia, If an operation is discontinued, can you please help me understand how the comparative figures should appear on face of statement of financial position? Sarah Carter November 17, at pm Hi Silvia, We have recently sold a part of business several retail properties out of larger group and we have determined it is discontinued operations as it is a strategic shift.
Many thanks for your help. November 21, at am Dear Sarah, in the statement of comprehensive income, you should dislose one single amount that comprises of: — post-tax profit or loss of discontinued operations I guess all the related expenses would come here and also — post-tax gain or loss recognized in the re-measurement to fair value less costs to sell or on the disposal of assets constituting the discontinued operation.
March 20, at pm Dear redhotar, this is non-adjusting event in a sense that you DO NOT recognize revenue in , but in James Lee April 4, at am Hi Silvia, I read some of the comments below, and someone asked about how you would treat an abandoned asset. Specific disclosures are also required for discontinued operations and disposals of non-current assets.
The assets need to be disposed of through sale. Therefore, operations that are expected to be wound down or abandoned would not meet the definition but may be classified as discontinued once abandoned. A 'disposal group' is a group of assets, possibly with some associated liabilities, which an entity intends to dispose of in a single transaction. The measurement basis required for non-current assets classified as held for sale is applied to the group as a whole, and any resulting impairment loss reduces the carrying amount of the non-current assets in the disposal group in the order of allocation required by IAS Assets classified as held for sale, and the assets and liabilities included within a disposal group classified as held for sale, must be presented separately on the face of the statement of financial position.
The sum of the post-tax profit or loss of the discontinued operation and the post-tax gain or loss recognised on the measurement to fair value less cost to sell or fair value adjustments on the disposal of the assets or disposal group is presented as a single amount on the face of the statement of comprehensive income.
If the entity presents profit or loss in a separate statement, a section identified as relating to discontinued operations is presented in that separate statement. Detailed disclosure of revenue, expenses, pre-tax profit or loss and related income taxes is required either in the notes or in the statement of comprehensive income in a section distinct from continuing operations.
The net cash flows attributable to the operating, investing, and financing activities of a discontinued operation is separately presented on the face of the cash flow statement or disclosed in the notes. These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.
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