International Financial Reporting Standard 5: Non-current assets held for sale and discontinued operations

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 35 Discontinuing Operations was issued by the International Accounting Standards Committee in June 1998. | IFRS 5 International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 35 Discontinuing Operations was issued by the International Accounting Standards Committee in June 1998. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In March 2004 the IASB issued IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which replaced IAS 35. IFRS 5 and its accompanying documents have been amended by the following IFRSs: • IFRS 8 Operating Segments (issued November 2006)* • IAS 1 Presentation of Financial Statements (as revised in September 2007)* • IFRS 3 Business Combinations (as revised in 2008)† • IAS 27 Consolidated and Separate Financial Statements (as amended in 2008)† • Improvements to IFRSs (issued May 2008)† • IFRIC 17 Distributions of Non-cash Assets to Owners (issued November 2008).† * effective date 1 January 2009 † effective date 1 July 2009 © IASCF 673 IFRS 5 CONTENTS paragraphs INTRODUCTION IN1–IN6 INTERNATIONAL FINANCIAL REPORTING STANDARD 5 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS OBJECTIVE 1 SCOPE 2–5A CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE OR AS HELD FOR DISTRIBUTION TO OWNERS 6–14 Non-current assets that are to be abandoned 13–14 MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD FOR SALE 15–29 Measurement of a non-current asset (or disposal group) 15–19 Recognition of impairment losses and reversals 20–25 Changes to a plan of sale 26–29 PRESENTATION AND DISCLOSURE 30–42 Presenting discontinued operations 31–36A Gains or losses relating to continuing operations 37 Presentation of a non-current asset or disposal .