IFRS 5

The International Financial Reporting Standard 5 (IFRS 5) is an accounting standard by the International Accounting Standards Board (IASB ) and includes rules on accounting for available-for- sale non-current assets and discontinued operations.

The regulations apply to all for-sale non -current assets with the following exceptions:

  • Deferred tax assets (IAS 12)
  • Assets arising from employee benefits (IAS 19)
  • As investment property measured at fair value IAS 40 Property,
  • According to IAS 41 (Agriculture ) at fair value less estimated costs to sell scheduled assets and
  • Claims arising from insurance contracts.

One or a group of long -term assets is "held for sale" classified when the article is realistically immediately or most likely in the near future ( within a year ) available for sale and the sale is agreed and is being actively pursued. Thus classified assets are measured at the lower of carrying amount and fair value less costs to sell. The impairment loss is recognized in profit or loss. For sale classified long-term assets are no longer depreciated and are shown separately in the balance sheet.

Standard accounting practice Employment#Employee IAS 39
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