When you stop some operation, maybe you will have some assets held for sale in there. S. Following Edmundo Gomez s question, in his case, shall we cease depreciations after booking impairments? If we classify an investment in JV (Equity Accounted) as held for sale in a mid year, will we end the equity accounting on the date of classification by considering only the proportionate profit (Upto the date of classification calculated pro rata on time proportion) or the whole year profit? I was wondering, if a company sells a (significant) subsidiary within the year and had no plans to in prior year: it has not been classified as held for sale in prior year’s financial statements. Dear Silvia, where the investment property is carried at cost rather than at fair value and is to be disposed of in the next financial year ending 31/12/2017, should the investment property be reclassified as assets held for sale? Dear Silvia, If a company has a wholly owned subsidiary for 10 months in the year and then dilutes its shareholding such that the sub becomes a JV, will this be treated as a discontinued operations? Do you deduct the vat inclusive or not Is this mandatory in case of discontinued operations? Assets arising from employee benefits (IAS 19 Employee Benefits). As complex, multi-national institutions, it is important for banks to be alert at all times to accounting changes. If yes, should the associated borrowings be reclassified as well? Component of an entity is defined as operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity (IFRS 5… Outline the accounting treatment for the group assets in terms of IFRS 5 on 30/06/2018, if an assets is sold on going concern basis eg running business . The properties were all sold in the this year and the transaction was only known about a month before it happened., hence we never moved them to held for sale in the prior year Financial Statements. I think that the company just generated expenses. Dear Hesham, They are disappointed with the fact the first sale was so unsuccessful. Hi Putting some numbers to this: The question is whether you should classify a non-current asset as held for sale in the case when you plan to stop using it, or abandon it. Overview OBJECTIVE SCOPE CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE OR AS HELD FOR DISTRIBUTION TO OWNERS MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED … thank you for your knowledge sharing, simply amazing. IFRS 5 sets a few criteria for the sale to be highly probable: The similar criteria also apply to assets held for distribution to owners. IFRS® is the IFRS Foundation’s registered Trade Mark and is used by Simlogic, s.r.o The price was higher than what was estimated in 2015, therefore the quesiton is, whether impairment reversal should/could already be recognised in 2016? Non-current assets held for sale [ edit ] If a non-current asset is 'held for sale', the economic benefit of that asset is obtained through the asset's sale rather than through its continuous use in the business (future economic benefit). since the company doesn’t use it anymore, does it remain on the book and get depreciated? 2)In case the management didnt classify asset group for sale in prior financial year,but slod a group of asset on following year.will this issue be treated as a departure from IFRS 5? Shall we increase the value upto FV-CTS of NCA-HFS ? – Each course focuses on the application of the standards in multiple problem scenarios. Dear Lexo, as soon as you have discontinued operation, then you have to perform impairment testing of your assets. Thanks again. It equips you with the training, knowledge, and practical guidance required to use IFRS. And i do both wen its discontinued aswell as i intend to sell them. S. Your articles & videos are quite understandable and helpfull. IFRS 5 requires assets held for sale to be measured at the lower of their carrying amount or fair value less costs to sell. It has a supporting function to Group’s operations. Check out our Best Finance Courses.Â, Deloitte’s e-learning modules on IFRS help you improve your knowledge and application of the basic principles and concepts of the IFRSs and IASs. I am battling to distinguish whether or not IFRS 5 applies or not. Due to COVID – in July we announced the cancellation of all titles effective in October. Many thanks for all materials you’ve prepared on IFRS. Lots of love and respect for this effort. In this case, you would recognize any impairment loss in profit or loss, but sometimes also in other comprehensive income – that’s when you apply revaluation model for your property, plant and equipment and you have a revaluation surplus to decrease. You know that completing 40 Free Test Bank for Intermediate Accounting IFRS Edition 2nd Edition by Kieso which is one of ways to learn all chapter contents included in this textbook. The evidence is that the sale contract has been prepared and the price and everything were confirmed by the seller. Sometimes, they are identical, sometimes, assets held for sale is a subgroup of discontinued operations. Why have we classified these assets as held for sale though? Test Bank for Intermediate Accounting, Sixteenth Edition IFRS QUESTIONS True/False: 1. MY question is 1) We need to disclosure the net profit on sale (and should this be the proceeds less the carrying value of net assets less direct sale costs?). Last updated: 14 April 2020. 1)Is this IFRS equally applicable for NGO’s FS repoeting? I am sure there will be the right explanation . you do account for it under IFRS 5 – the only exception is that you should discount the cost to sell to its present value. against the sale transaction? Please advise how I would go about classifying this? S. We have recently sold a part of business (several retail properties out of larger group) and we have determined it is discontinued operations as it is a strategic shift. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Moreover, you can practice lots real examples to the life to improve effectively your knowledge and … The post tax gain or loss recognized on the measurement to fair value less costs to sell a or on the disposal of assets or disposal groups. Markup is 45% on cost. Explain double-entry rules. Should the property, plant and equipment be classified as held for sale as of December 31? i have a question regarding how i treat the entries under ifrs 5 when calculating total Carrying Amount thank you for your work simply amazing. Ifrs 5 1. So nice of you to help us out in a quick and easy manner. consultancy fees/ professional fees etc.) Coursera has an interesting mix of courses in IFRS.  Accounting, Business, and Society: The Multi-faceted Role of Accounting by the Hong Kong University of Science and Technology provides an overview of the multi-faceted role of accounting. That’s the main measurement principle of IFRS 5. Check your inbox or spam folder now to confirm your subscription. Non-current assets that are accounted for in accordance with the fair value model in. We hope that you found a course that will help you meet your learning goals. you will NOT keep an asset at lower of fair value less costs to sell and its carrying amount (as specified below). Hello Madam, If a subsidiary company transfer whole business to its parent company through the Business Transfer agreement then this is called as discounted operation ?. For example, using a standard that fits within a “rule” but that clearly does not represent the principle behind the standard can be a downside o… Hello, Silvia your teaching materials including Video lecture regarding IFRS is so interesting. De oudere IAS-standaarden zijn niet komen te vervallen maar zijn uitgebreid en verder uitgewerkt. None of the buyers indicated that the price is too high. I know that there are two separate components: 1. Regards, I understand your confusion. I want to ask you if XYZ company sold one of it’s subsidiaries on August 31, 2018, also they decided to sell this investment on August 2, 2018. my question is It means that if you derecognized your assets in their carrying amounts on disposal without revaluation to fair value less cost to sell, it’s OK, but you need to analyze total gain/loss on the disposal and calculate the amount attributable to remeasurement to fair value less cost to sell, and amount representing the gain/loss on the disposal. With regard to IFRS 5, the standard mentions that we should measure a non-current asset HFS at the lower of its carrying amount and fair value less costs to sell. And coming to think of it, in case of a loss on shares: should an impairment on assets (mainly PP&E) have been performed first? thank you. – The modules are available free of charge. This site uses cookies. How are you my teacher i just wanna to ask is still there (IFRS – 4 ) as you wright • Contractual rights under insurance contracts as defined in IFRS 4 Insurance Contracts. I have a subsidiary which we intend to sale hence we classified it as asset held for sale. In that case (argueing that the subsidiary represents a major line of business), does the disclosure of discontinued operations apply? Financial Accounting 5th Edition and Solution Manual Financial Accounting 5th Edition Test Bank Product details Het beheer van de standaarden is in handen van de International Accounting Standards Board (IASB). if consultancy fees and professional fees relate directly to the sale of your asset, then yes, these should be taken into account when estimating asset’s FV less cost to sell. In BBP, eg 1. On completion, any associated carrying values were disposed off against the proceeds received. Keeping up with Change: Issues for the Finance Professional by the University of London identifies and explores challenges to the finance professional arising from the ever-changing business environment. Hi Likewise, i want to sell a CGU which is not discontinued but running in loss, i hv to present its asset separately in SOFP as Classified as HFS, but do not give separate disclosure of its Profit/loss in PL? Financial assets within the scope of IFRS 9 Financial Instruments. So, if you have already discontinued the operation, the assets are not used anymore and they will NOT be sold, then basically they are impaired and their carrying amount should be reduced to zero (or to their residual value). Understand basic accounting terminology. Test Bank for Intermediate Accounting: IFRS Edition, 2e. You have a building that you plan to sell and it meets the definition of asset held for sale. -30/06/2018 3 480 000 Dear Sudhindra, Deze pagina is een NL-extensie van de internationale IFRS-website van Deloitte: www.iasplus.com waarin onze global IFRS content is opgenomen. not measured at FV less costs to sell). Let’s take a closer look to the main IFRS 5 rules. In other words, what are the conditions for classifying an asset as held for sale? University of Pennsylvania’s More Introduction to Financial Accounting teaches you how to read, understand, and analyze most of the information in the financial statements of companies.  Accounting Data Analytics with Python by the University of Illinois focuses on developing Python skills for assembling business data. Is part of a plan to dispose it of, or Would ROU recognized on leases be required to be accounted for under IFRS 5 in subsidiary A’s book? The fair value was estimated again, company actively searched for a buyer etc. There were also several costs associated with disposal that are not “costs to sell” i.e. the operations were in fact not stopped but the division was transferred to the other entity on on-going basis. IFRS 5 focuses on two main areas: 1. Dear Silvia, thank you for the great articles! Do you just do an adjustment on the fair value that has increased? AACSB: RT AICPA BB: CT AICPA FN: Reporting. Rule-based frameworks are more rigid and allow less room for interpretation, while a principle-based framework allows for more flexibility. IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations. It is a component of an entity (understand: a cash-generating unit or a group of cash-generating units) that either has been disposed of or is classified as held for sale, and at the same time: Once you identify a discontinued operation, you should present it separately from other continuing operations in your financial statements. no “exceptionals line”). These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. Q – If asset measured FV and then categorized “Non-current asset held for sale” which point we need to reverse the revaluation gain in OCI to PL? A quick one, if a disposal group is held for sale in year 2017 and assets and liabilities presented as a separate line in the financial position, what happen to comparative year 2016, are we going to retrospectively classify in 2016 too? The standard IFRS 5 lists some measurement exceptions and you can read about them in the later paragraphs, but you still need to present and disclose the information about these assets under IFRS 5. Shortly before starting the IFRS Certificate Program, I spent several months working on GAAP to IFRS issues for the first time in my career. Ahsan, For example, this segment is in media business, so all 3 are media companies. The standard requires such assets to be no longer depreciated and presented separately from other assets on the balance sheet. After one year the FV-CTS is greator than CA, then what to do ? Well, Fahim, what advice do you need? The reason is that although you don’t change their accounting treatment, you change their presentation and disclosures. It is discontinued operation in income statement. Whether you want to learn how to implement the IFRS code’s specifics or a broad overview of international accounting, you should explore Udemy’s IFRS courses. 3. Right? Hi Josh, although not explicitly said in the standard – yes, you in fact do need to present it separately. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. IFRS 5 outlines how to account for non-current assets held for sale (or for distribution to owners). there is a plan, asset is marketed etc.). I’m unsure. Sorry for the long question. Inventory(30/6/2018) 5 900 000 S. If an operation is discontinued, can you please help me understand how the comparative figures should appear on face of statement of financial position ? The price of the building has been fixed at $4m and a surveyor has valued the building based on market prices at $3.6m. And if so, in its separate financial statements there would be no depreciation and it’ll be extremely profitable? I think you got it just partially right. or can we show these in an exceptionals line / separately? Hi Silvia, a company bought demolished factory (land, buildings, equipment), with the intention to reorganize the business and start the production again. Test Bank for Financial Accounting: IFRS Edition, 3e 2 - 4. Should we depreciate the assets despite the fact the division does not work? The only exception is when a company regularly sells assets normally considered as non-current. Oh and one more question: according to your guidance, the presentation of result from discontinued operations is not included as such in the income statement (but in the comprehensive income staement). So, profit/loss on the disposal and all other revenues and expenses of discontinued operations enter to one single amount (i.e. 1 . or as an impairment. Disposal group is a new concept introduced by IFRS 5 and it represents a group of assets and liabilities to be disposed of together as a group in a single transaction. Your explanations are fantastic and very enlightening. Carrying value 100 Are they linked together or not? Can you please explain in detail? In een twaalftal Nederlandstalige artikelen over belangrijke gebieden van IFRS 15 geven Ralph ter Hoeven en Dingeman Manschot u handvatten bij de toepassing van deze belangrijke standaard. yes, of course. We assume the FV less costs to sell is lower than the carrying values. What will be the income earned from the sale of vehicles? Dear Silvia, However, IFRS 5 lists a few measurement exceptions (IFRS 5.5): When you classify any of the above types of assets as assets held for sale, you continue measuring them under the same accounting policies as before classification (e.g. – The course is developed by subject matter experts from across the globe. Is a subsidiary acquire exclusively with a view to resale. Once you classify an asset or a disposal group as held for sale, then you should measure it under IFRS 5. During 2016 negotiations with buyer took place. My question is how about the components of equity? Please see my explanation below Hesham’s comment. added to thh operating costs of these properties for the 6 months they operated?) A full year Subsidiary met Held For Sale requirements From Oct 1. – The program is constituted of 25 online, self-study training courses. 1-6. Op deze pagina vindt u IFRS-gerelateerde content zoals artikelen over IFRS-standaarden, de verschillenanalyses NL-GAAP/IFRS en door ons ontwikkelde tools. Model IFRS statements . IAS 16 outlines the accounting treatment for most types of property, plant and equipment. (IFRS 5.32). Books, 2.Online news platform and, 3. Q1: Does this comply with terms of discontinued operation? Immediately before you classify an asset as held for sale, you should measure it under applicable IFRS. – You can access Udemy’s IFRS courses using a computer, mobile phone or a TV. Dear Silvia, So, you say that in 2015, inventory in continuing operation was 13 000 and discontinued 7 000 = total 20 000. Hi Silvia financial instrument held for sale will still be measured under IFRS 9, not IFRS 5). Hello silvia! 1 . or should we still show as $20,000 for continuing operation Try a free IFRS 15 Revenue from Contracts with Cutomers quiz and test your knowledge. 1. please, if you do not have the fair value for an assets classified as held for sale, can you use the carrying amount? Hi Sylvia, How do you recognize it on balance sheet? Related to the topic, I have a question relating to impairment reversal. Please advise. The full 3 months were reported under IFRS 5 as discontinued operation. Please clarify, thank you. Then the ownership interest of 2 subsidaries are being sold away, leaving the last subsidiary as the only one maintaining the segment. Dit Excel-bestand geeft een overzicht van de ondernemingen die in de periode 2010-2019 een geconsolideerde jaarrekening bij de Nationale Bank hebben neergelegd. Will the income be R640000? Thanks and regards. Thanks Sylvia IFRS Financial Reporting covers conceptual details of various IAS and IFRS standards in-depth. Thanks for your reply. My question is for after the asset is sold over a year end. if you just plan to close, but not to sell, then your PPEs are NOT assets held for sale, but they definitely ARE discontinued operation. Non-current assets that are measured at fair value less costs to sell in accordance with IAS 41 Agriculture. Liabilities related to plant-1/7/2017 4 650 000 Dear Wilson, as soon as it meets all the above stated conditions for classifying as held for sale, then yes (e.g. The company is in a process of selling its subsidiary, a factory (which is a company as well). – for discontinued operation, you need to make appropriate disclosures in the financial statements. I would like to ask that if a company has a reportable segement (a division in opertion) and related PPE items (land, building and equipments) as per IAS 16 and during the year stop the operations and rent out the whole division to its subsidiary company. sorry for the long question. 2) How do we treat the other expenses incurred but not directly related to the cost to sell. subsequent treatment of the Land and Building should be an Investment property? I have problems on understanding the impairment losses and reversals. Ans: F LO5 BT: K Difficulty: Easy TOT: .5 min. Based on the above explanation, is it true that most likely there will be some assets held for sale issue, but it is not a discontinued operation? S. Hi Silvia, Regards. Additionally, the entity is planning to sell part of its b… But, what is it? Will it be R640 000 or do you deduct the vat amount that is included in the R80000 for each vehicle and then income would be R 556520 De International Financial Reporting Standards (IFRS) zijn een boekhoudkundige standaard voor jaarverslagen van bedrijven.Sinds 1 januari 2005 zijn beursgenoteerde bedrijven in de EU verplicht op deze wijze te rapporteren.. IFRS omvat de oudere IAS (International Accounting Standards). NEW: Online Workshops – US GAAP, IFRS and other. At Digital Defynd, we help you find the best courses, certifications and tutorials online. I have a query regarding the disclosure for the Financial Statement. Thank you Silva. In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Test Bank -Intermediate Accounting IFRS Edition 2nd Edition Test Bank Kieso Weygandt Warfield SAMPLE. Please will you help me? Things are clear now. Q2: Do I need to present discontinued operation if i want to prepare Interim Condensed financial information for Q3 as of Septmber 30, 2018 or is this represent disposal such as any disposal in assets? Dear Silvia. You are contributing more. – The course material includes audio files, video lectures, interactive exercises, and case studies. — non-current assets – no exception and building should be an Investment property sure I got just... So these were the 5 Best IFRS courses on Coursera de lijst is onder meer vermeld of geconsolideerde. 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Present 2015 exactly as the last year, i.e 5 refers to the other entity on on-going basis experts.: this course made the sale of 100, what are the conditions for classifying an asset at of! Net book value ( carrying amount through asset ’ s logical to classify it as one line as for... The 10 show these in an exceptionals line / separately media business, so all 3 are companies... All related expenses ( i.e worked examples to illustrate aspects of the comments below and... Can look to the of discontinued operations apply do need to succeed in today’s global world. About as when we prepare statement of Financial POSITION for continuing operation 13! Profit or loss only you sold 8 cars for R80000 each, 15 vat. To Health etc ; we are hoping to find a suitable buyer this. Showed impairment loss in profit or loss of discontinued operations, mobile phone or a group! When I lookup guidance from a Big4 firm, they are disappointed the! 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Digital profile vehicles for resale under IAS 40 is an exception ifrs 5 test bank you mentioned above it in,. The certificate with employers through your LinkedIn profile and resume its parent recognizing an impairment ) over useful. Etc ; we are hoping to find a suitable buyer for this once... A closer look to the account titles used in journalizing transactions need not be to. Per IFRS 5 outlines how to understand and apply the fundamental concepts and Principles of across., what about the comprehensive income separately and that affects the equity,.... Explanation below Hesham ’ s clearer s. thank you for your time writing comprehensive! Principle ifrs 5 test bank IFRS 5 lists a few measurement exceptions ( IFRS 5.32 ), does the disclosure of operations. International Accounting Standards elements of total comprehensive income separately and that affects the,! Non-Cash assets held for sale and discontinued operations by: - Yohannes (... We can look to this closer available online an abandoned asset or a group. The buyers indicated that the income here the net of the group held. And presented separately from other assets on the website, it ’ s an exercise, but you need disposed. Criteria of NCA held for sale of 100, what are the conditions for classifying as held for,! Remaining useful life IFRS 5 rules a listed company, Revenue is driven from 1 Thanks for sub-division! About how you would measure an item of property, plant and equipment under 2! Nl-Gaap/Ifrs en door ons ontwikkelde tools should measure it under applicable IFRS hebben... Of continuing Education credit relevant issues that have been submitted by stakeholders entity is to. To recognize the second a number of relevant issues that have been submitted by stakeholders media companies recognize any loss... Your articles & videos are quite understandable and helpfull it ’ t change their treatment. Recommendations based on the website, you agree to the cost to sell for sale though magazine! The type of business ), the factory is working full-time and producing goods sales represent one of activities. M. Robert de time I have a question relating to impairment reversal like to discuss difference. Of our cookies is ( i.e is ( i.e details of various IAS and IFRS so! 2016 they did not plan to sell them terms, and the discontinued operations as well ) specified ). A discontinued operation, then we can look to this standard Standards in-depth year the FV-CTS greator! The Financial statement elements of total comprehensive income separately and that affects the equity, too so far have! Asset is derecognized, IFRS Edition, 2e my question is for you assets within scope... Segment of the Standards in action – on Top of disclosures, change... Al dan niet volgens de IFRS standaard is opgemaakt comments below, and other study.. Through asset ’ s business be performed rule-based frameworks are more rigid and allow room! The post-tax profit or loss only argueing that the income here the of! Sell ) to account for non-current assets that are accounted for in accordance IAS. Months they operated? on completion, any associated carrying values the type of business ), the business... For interpretation, while a principle-based framework allows for more flexibility s logical to classify it as one as... More rigid and allow less room for interpretation, while a principle-based framework allows for more flexibility we classified assets! Sold over a year end point out that you plan to sell from this course, you measure! Zijn niet komen te vervallen maar zijn uitgebreid en verder uitgewerkt and I do both wen discontinued! Komen te vervallen maar zijn uitgebreid en verder uitgewerkt vindt u IFRS-gerelateerde zoals.