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IFRS 5 Non-current assets held for sale and discontinued operations

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations. The standard was published in March 2004 and is effective from 1 January 2005.

Full text standard

Unaccompanied version of IFRS 5
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This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

IFRS 5 summary and timeline

Looking for the synopsis? Our IFRS 5 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.

Which version of the standard?

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The ICAEW Library also offers members and students access to the print versions of the latest IFRS Blue and Red Books. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com


Related IFRIC interpretations

IFRIC 17 Distributions of Non-cash Assets to Owners
Addresses the accounting for dividends of non-cash assets, including those where there is a cash alternative.


UK reduced disclosures

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.

Amendments to the standard

Where an entity applies FRS 101, it is preparing Companies Act accounts rather than IAS accounts. Therefore the following amendments must be made to IFRS 5 in order to achieve compliance with the Companies Act and related Regulations:

  • Analysis of the results of discontinued operations must be shown in the statement of profit or loss and other comprehensive income in a column identified as relating to discontinued operations. A total column must also be presented.

Disclosure exemptions

FRS 101 paragraph 8(c) states that a qualifying entity is exempt from providing an analysis of the net cash flows relating to discontinued operations provided that equivalent disclosures are made in the consolidated financial statements of the group in which the entity is consolidated. The remaining disclosure requirements of IFRS 5 must still be applied.

IFRS 5 paragraph for which exemption is available: 33(c).


eBooks

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Non-current assets held for sale and discontinued operations 🔒
EY, International GAAP 2020 (2020)
The latest edition of this comprehensive guide offers a global perspective and explanations of complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 5.

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.


Example accounts

IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.

Company Reporting (Croner-i)

The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.


Further reading

Manuals and handbooks

The ICAEW Library stocks the latest IFRS handbooks and manuals. 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

iGAAP 2019: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future.
Request this book by email

GAAP 2019: UK reporting – IFRSs (Volume C)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies.
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Insights into IFRS 2019–20
KPMG, Sweet and Maxwell, 2019
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
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International GAAP 2019
EY, Wiley, 2019
Comprehensive reference guide to interpreting and implementing IFRS, featuring detailed analysis of technical accounting issues accompanied by worked examples and illustrations taken from the actual financial statements of companies that report under IFRS.
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Manual of accounting: IFRS for the UK 2019
PwC, Tolley, 2018
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS. The IFRS Supplement 2020 published in December 2019 brings the manual up to date for 2020; it includes a new chapter on insurance contracts under IFRS 17 and an updated chapter on leasing under IFRS 16.
Request this book by email

Wiley IFRS 2019: Interpretation and application of IFRS standards
PKF, Wiley, 2019
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Request this book by email

Articles

The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on IFRS 5 and discontinued operations or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

IFRS 5: Non-current assets held-for-sale and discontinued operations
G. Holt, Accounting and Business, Vol. 10 No. 8, September 2007
Article discussing the requirements of IFRS 5 which deals with the accounting for non-current assets held-for-sale, and the presentation and disclosure of discontinued operations. It introduces a classification for non-current assets which is called 'held-for-sale'.

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Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250. 

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