IFRS Snapshot: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Category: IFRS

IFRS Snapshot: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Scope

  • Classification and presentation requirements apply to all recognized non-current assets and disposal groups.
  • Measurement requirements apply to all recognized non-current assets and disposal groups EXCEPT:
    • Deferred tax assets (IAS 12);
    • Assets arising from employee benefits (IAS 19);
    • Financial assets (IAS 39); • Investment property measured @ fair value (FV) (IAS 40);
    • Biological assets and harvested agricultural produce measured @ FV less costs to sell (IAS 41); AND
    • Contractual rights under insurance contracts (IFRS 4).
  • Classification, presentation and measurement requirements also apply to non-current assets classified as held for distribution to owners acting in their capacity as owners.
  • If disposal group includes non-current assets within scope of IFRS 5 measurement requirements → apply measurement requirements to disposal group as a whole despite if scope of IFRS 5 excludes other assets in disposal group.

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Contact us

Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.