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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
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

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

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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

Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

IFRS 2018: Interpretation and application of IFRS standards đź”’
PKF (2018)
This Wiley guide has been fully updated to help practitioners apply and comply with the latest international financial reporting standards. It provides detailed guidance along with illustrative examples. The chapter on impairment of assets and non-current assets held for sale covers:

  • Impairment of assets (IAS 36)
  • Examples of financial statement disclosures
  • Non-current assets held for sale
  • Discontinued operations
  • Examples of financial statement disclosures

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

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. This manual was published in November 2018 and includes key updates from amendments, annual improvements and the revised conceptual framework issued in March 2018.
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Insights into IFRS 2018–19
KPMG, Thomson Reuters, 2018
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. This book deals with standards issued by the IASB as at 1 August 2018.
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iGAAP 2018: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2018
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future. This manual deals with standards issued by the IASB as at 1 September 2017.
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GAAP 2018: UK reporting - IFRSs (Volume C)
Deloitte, Croner-i, 2018
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies. This volume deals with standards issued by the IASB as at 1 September 2017.
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Wiley IFRS 2018: Interpretation and application of IFRS standards
PKF, Wiley, 2018
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
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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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