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Description :
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IFRS 5 arises from the IASB’s consideration of the American standard FASB Statement No. 144 Accounting for the Impairment or Disposal of Long-Lived Assets with the objective of reducing differences between IFRS and US GAAP that are capable of resolution in a relatively short time.
The standard adopts the classification “held for sale” and introduces the concept of a “disposal group”, being a group of assets to be disposed of, by sales or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. IFRS 5 requires that assets or disposal groups that are classified as held for sale are:
(i) carried at the lower of carrying amount and fair value less costs to sell – which means that the related assets cease to be depreciated – and;
(ii) presented separately on the face of the balance sheet.
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
EFRAG Secretariat -
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Current Project Status :
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Published in Official Journal
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Efrag Output
No 'Efrag Output'
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
No 'Linked News Items'
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