Chapter 10 - IFRS 5 Non-current assets held for sale and discontinued operations Flashcards
1
Q
What is the definition of a discontinued operation?
A
A component of an entity that either has been disposed of or is classified as held for sale
2
Q
For an asset to be held for sale what is some of the criteria it must meet?
A
Actively marketed for sale
Sale expected to complete within one year
Highly probable sale
Present condition ready for immediate sale
Reasonable price has been set
3
Q
What is the measurement of an asset held for sale?
A
Lower of:
Carrying amount
Fair value less costs to sell
