IFRS 16 sur les contrats de locationIFRS 16 sur les contrats de location 28N°440 RFComptable JUILLET-AOÛT 2016 Le modèle de comptabilisation des locations pour le preneur prévu par IFRS 16, est totalement innovant. Paragraph IFRS 5.9 provides an exception to the one-year-to-sale rule that is one of the criterion to be met for an asset/disposal group to be classified as held for sale. Step one in the five-step model requires the identification of the contract … Read more articles. This publication explains IFRS 5's key implementation issues, common approaches to practical application and also includes several examples illustrating the Standard's disclosure and presentation requirements. IFRS 5 will not apply to a non-current asset that is going to be abandoned, as the carrying amount of an abandoned asset will be recovered through future use. Subscribe. Scope and sample 4 3. Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Scope This section doesn’t apply to the following assets: deferred tax assets (IAS 12 Income Taxes) assets arising from employee benefits (IAS 19 Employee Benefits) financial assets within the scope… IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations. Example 5: Operating segments. I also wrote this article for you to give you a few IFRS 15 examples and hints – all with the purpose to warn you. Visit our IFRS News section for further insights into International Financial Reporting Standards, IFRS 15 – Revenue from contracts with customers. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. I also wrote this article for you to give you a few IFRS 15 examples and hints – all with the purpose to warn you. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Back to Course Next Lesson. INTRODUCTION IFRS 9 (2014) Financial Instruments1 has been developed by the International Accounting Standards Board (IASB) to replace IAS 39 Financial Instruments: Recognition and Measurement. reassessed at Shs265,000. The post-tax profit or loss of the discontinued operation, The post-tax gain or loss recognised on the measurement to fair value less costs to sell, and. This is probably the longest article I have ever published (about 5 000 words and it took me about 30 hours to write it), but you don’t have to read it all, although I do recommend it as you will find a lot of analogy for your own situation. However, in the example 3, I noticed you adjusted for the discontinued operations in year 2016 though the question stated that the business wound up in March 2017. Examples of such adjustments are given in paragraph IFRS 5.35. No responsibility for any errors or omissions nor loss occasioned to any person or organisation acting or refraining from acting as a result of any material in this website can, however, be accepted by the author(s) or RSM International. Shs2 50,000. Although the accounting treatment of these assets does not change, they must be presented separately from other assets and they require additional disclosure. Accounting, Auditing, Actuarial, IFRS Foundation & IASB, International Financial Reporting Standards (IFRSs), 2018 International Financial Reporting Standards (IFRSs), Illustrative Examples Accounting, IFRS, Insurance & Reinsurance IFRS 5 sets out criteria for the sale to be highly probable: Immediately before the asset is classified as held for sale, it should be measured under its applicable IFRS. All rights reserved. These are illustrative IFRS financial statements of a listed company, prepared in accordance with International Financial Reporting Standards. You … IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz Free IFRS Quizzes IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations Quiz ) , () ) Previous Lesson. 5 6 7. For full functionality of this site it is necessary to enable JavaScript. Each member of the RSM network is an independent accounting and advisory firm each of which practices in its own right. IFRS 5 specifies the accounting for assets held for sale and the presentation and disclosure of discontinued operations. Latest. Latest. For example, a car dealer presents all vehicles for resale under IAS 2 Inventories, not under IFRS 5. Management must be committed to a plan to sell the asset; An active program to find a buyer must be initiated; The asset must be actively marketed for sale at a price that is reasonable to its current fair value; The sale must be completed within one year from the date of classification; Significant changes to be made to the plan must be unlikely. In the statement of profit and loss and other comprehensive income: a single amount comprising the total of: The analysis of the single amount can be presented in the notes or on the face of the statement of profit or loss and other comprehensive income. Let’s take a closer look to the main IFRS 5 rules. ; IFRS 5 Non-current assets held for sale and Discontinued operations contains rules which impact the measurement and presentation of such assets i.e. This is probably the longest article I have ever published (about 5 000 words and it took me about 30 hours to write it), but you don’t have to read it all, although I do recommend it as you will find a lot of analogy for your own situation. under IFRS 5 and the carrying value of the property was . Non-current assets classified as held for sale must be disclosed separately from other assets in the statement of financial position. During the lecture on the IFRS 5, discontinued operations, you stated that we only have to report and disclose a discontinued operations in the period that the asset was either sold or decided to be held for sale. Examples from IAS 12 (Example 2 - Illustrative disclosure) representing some of the disclosures required by IAS 12 for income taxes using block and detailed XBRL tagging. List of Examples 84. Search. The RSM network is not itself a separate legal entity of any description in any jurisdiction. Welcome to EY.com. Key findings • Timing of revenue recognition 5 • Variable consideration 9 • Revenue disaggregation 12 • Contract balances 13 • Significant judgements 14 • Costs to obtain or fulfil a contract 16 4. It specifies the accounting treatment for assets (or disposal groups) held for sale, and 2. Non-current assets held for sale. Objective of IFRS 5 . Facebook 0 Tweet 0 Pin 0 LinkedIn 0. 28 series of 2020, IASB issues Interest Rate Benchmark Reform Phase 2, IFRIC 23 - Uncertainty Over Income Tax Treatments, Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports, IASB Defers the Effective Date of IAS 1 Amendments, Guidelines on the Electronic Submission of the Annual Report and Audited Financial Statements to BSP, Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020, Work Suspension at the SEC Main Office and Extension of Deadlines for Certain Corporations, Adjustment of Deadlines for Submission of Annual Reports to the SEC and Other Announcements, Filing of Reports and Other Documents in SEC Main Office during Temporary Closure, Options for the Submission of Reports, Applications and Other Documents to the SEC During Community Quarantine, COVID-19 Accounting Considerations for CFOs: Revenue Recognition, COVID-19 Accounting Considerations for CFOs: Government Grants, IASB Amends IFRS 16 to Provide Relief for Lessees Accounting for Rent Concessions during the COVID-19 Pandemic, COVID-19 Accounting for Lease Modifications, SEC Notice on the Opening of SEC Express System and SEC Express Nationwide Submission, Insurance Commission Circular Letters: Regulatory Reliefs, Online Submission of Reports, and Deferral of IFRS 17 Implementation, COVID-19 Accounting Implications for CFOs: Impairment of Intangible Assets and Goodwill, IASB Issues Narrow Scope Amendments to IFRS Standards, Procedures in the Filing of Audited Financial Statements and General Information Sheet after the Enhanced Community Quarantine, Extension of Deadline for the Submission of 2020 Annual and Quarterly Reports and AFS of Companies with Fiscal Year Ended January 31 to April 30, 2020, Understanding the Impact of COVID-19 on 2020 Deferred Tax Provisions, IASB Proposes Relief for Rent Concessions During the COVID-19 Pandemic, Extension of Period to File the General or Special Form for Financial Statements and Guidelines on Submission by Electronic Mail, Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement, Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP, Reporting the Impact of COVID-19 to your Business, Guidelines on Filing SEC Form 17-LC and 17-C Report, COVID-19: Financial Reporting and Disclosures, COVID-19 Outbreak: Accounting Implications, Guidelines for Filing of Reports through Electronic Mail with the SEC during ECQ Period, Application of IFRS 9 in Light of the Coronavirus Uncertainty, [UPDATE] Regulatory Relief for Entities Regulated by the Insurance Commission, Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature, Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine, Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks, Alternative Means of Filing Reports, Communications and Other Documents with the SEC, SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements, Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period, SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication, SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19. 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