What's New. 44D: Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by IFRIC 17 Distributions of Non- cash Assets to Owners in November 2008. Share-based Payment Transactions (Amendments to IFRS 2) 221 6.8 Applying IFRS 9 Financial Instruments with . Deloitte Guidance. IFRS 9 Financial Instruments (excluding Hedge Accounting) – Snapshot . Welcome to the IFRS 5 Non-current Assets Held for Sale and Discontinued Operations e-learning module This module covers the background, scope and principles under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and the application of this Standard. Deloitte Solutions. In particular, the IFRS 5 requires: assets that meet the criteria to be classified as held for sale to be presented separately in thestatement of financial position and the results ofdiscontinued operations to be presentedseparately in the statement of comprehensiveincome. When the Committee rejects an issue, it publishes an Agenda Decision explaining the reasons. Agree. You must log in{"id":"id-a09beccc-f0f7-4d60-ac87-4fea1c2e010a","action":"login-q3j74v"} to view this content and have a subscription package that includes this content. All rights reserved. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. Impairment loss recognized for adisposal groupshall be allocated to the carrying amount of the non-current assets within the scope of the IFRS 5 measurement requirements:  First, to goodwill. Sale of investment property 86 6.3. Deloitte IFRS Podcast on IFRS 10 Consolidation. Skip to the content. Once entered, they are only IFRS 5 focuses on two main areas: 1. You cannot apply it is a group has stopped working due to any ban from the government. 5. They discuss the key changes that are proposed and provide insights into the likely effect they will have in practice. 13 . Revenue and lease income 98 8.2. Learn more about Deloitte IFRS e-learning. The Deloitte IFRS Global Office has published an IAS Plus Guide to IFRS 5 Assets Held for Sale and Dis­con­tin­ued Op­er­a­tions. ‘IFRS®’ is a registered trade mark of the IFRS® Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. 11 . IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). Interesting . IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, was published to achieve convergence with US GAAP and represented a significant change for many companies. Classification as held for sale under IFRS 5 86 6.2. No results have been found. Disclosures 98 8.1. Appendices provide a comparison with US GAAP and a checklist of IFRS 5's presentation and disclosure requirements. Deloitte models what financial statements would look like for companies under IFRS 16 in this appendix to the … 5. Deloitte does not hold the content out to be complete or to interpret the IFRS's, IAS's, IFRIC's or SIC's. 1: Similar definitions and disclosures. Specialised activities (agriculture) 2 in accordance with IFRS 5. Services. Note: IFRS 5 does not permit or allow to retroactive classification as the discontinued operation. Deloitte’s model of IFRS 16 financial statements. Volume B - Financial Instruments - IFRS 9 and related Standards, Volume C - Financial Instruments - IAS 39 and related Standards, Model financial statements for IFRS reporters, IFRS Standards (linked to Deloitte accounting guidance), International Financial Reporting Standards (linked to Deloitte accounting guidance), International Financial Reporting Standards (Blue and Red Books), IFRS Educational Material (including Webcasts and Podcasts), Selected IASB Speeches, Statements and Press Releases, Purpose-driven Business Reporting in Focus, Copyright notice and disclaimer of liability, International Financial Reporting Standards, IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations, Guidance on implementing IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. This guide, in addition to providing detailed summaries and explanations of the requirements of IFRS 5, includes supplementary guidance and examples based on Deloitte's experience with the Standard. hyphenated at the specified hyphenation points. 3: FRS 102 does not deal with assets held for sale. Deloitte has developed high quality e-learning modules on IFRS to help users develop their knowledge and application of the basic principles and concepts of the IFRSs and IASs. They discuss the key changes that are proposed and provide an insight into the likely effect they will have in practice. Segment disclosures 99 8.3. This recent standard - effective from 1 January 2005 - has raised a lot of practical questions as to its implementation, particularly given the non-recurrent nature of operations falling within its scope. IFRS 15 refers to a performance obligation as a promised good or service \(i.e., promise in a contract\) that is distinct. Legal and regulatory. Search Close search See all results in Search Page. IFRS for SMEs at a glance These documents have been compiled to assist in gaining a high level overview of the International Financial Reporting Standard for Small and Medium-sized Entities. This site uses cookies to provide you with a more responsive and personalised service. The entity will continue to use the building until another building has been found with equivalent facilities, and in a suitable location for the office staff, who will not be relocated until the new building has been found. FRS 3 differs from IFRS 5. The ICAEW Library stocks the latest IFRS handbooks and manuals. Each word should be on a separate line. The same applies for a disposal group. You can browse all our books on IFRS 5 and discontinued operations or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com. Deloitte has developed high quality e-learning modules on IFRS to help users develop their knowledge and application of the basic principles and concepts of the IFRS's and IAS's. 44D: Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by IFRIC 17 Distributions of Non- cash Assets to Owners in November 2008. In this interview, Robert speaks with Phil Barden, a Partner in the Deloitte UK IFRS Centre of Excellence, and Amy Haworth, a Senior Manager in the Deloitte UK IFRS Centre of Excellence. Join us for a celebration of 175 years of making an impact that matters. Then, to the other non-current assets pro rata on the basis of their carrying amounts. applied IFRS 5, subject to the transitional provisions in paragraph 45 of IAS 27 (amended May 2008). Deloitte IFRS Podcast on IFRS 10 Consolidation. IFRS 15 Revenue from Contracts with Customers — Your Questions Answered. Read the report to learn more. 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