held for sale in the ordinary course of business; in the process of production for such sale; or. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. config.firstName.errorMessage : 'Required field'}}, {{config.lastName.errorMessage ? A non-current asset (or disposal group) is classified as ‘held for sale’ if its carrying amount is recovered principally through a sale transaction rather than through continuing use. 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. An activation email has been sent to your registered email to allow you to login.An activation email has been sent to your registered email to allow you to login. config.emailAddress.errorMessage : 'Required field'}}, {{config.password.errorMessage ? FRS 102 clarifies that inventories are not measured at fair value less costs to sell unless it is a more relevant measure of the entity’s performance because the entity operates in an active market where sale can be achieved at published prices, and inventory is a store of readily realisable value. Scope of the standard. This is the case where the asset (or disposal group) is available for immediate sale in its present condition, its sale is highly probable, and the sale is expected to be completed within one year from the date of classification. An entity has agreed in a directors’ meeting to sell a building, and has tentatively started looking for a buyer for the building. Please use the button below to sign in again. To activate, a validation email has been sent to your registered email address.. By providing your details and checking the box, you acknowledge you have read the, Global IFRS year end accounting reminders, Financial instruments - Financial liabilities and equity (IFRS 9, IAS 32), Chapters by name (Accounting to Fair value), Accounting policies, accounting estimates and errors (IAS 8), Consolidated financial statements (IFRS 10), Accounting principles and applicability of IFRS (Conceptual framework), Business combinations under common control and capital re-organisations, Events after the reporting period and financial commitments (IAS 10), Combined and carve out financial statements, Financial instruments - Classification and measurement (IFRS 9), Financial instruments - Embedded derivatives in host contracts (IFRS 9), Chapters by name (Financial instruments to impairment), Financial instruments - classification and measurement (IFRS 9), Financial instruments - objectives, definitions and scope (IAS 39, IFRS 9, IAS 32, IFRS 7), Financial instruments - classification of financial instruments under IAS 39, Financial instruments - presentation and disclosure of financial instruments (IFRS 9, IFRS 7), Financial instruments - embedded derivatives in host contracts (IFRS 9), Financial instruments - presentation and disclosure under IAS 39, Financial instruments - embedded derivatives in host contracts under IAS 39, Financial instruments - recognition and de-recognition (IFRS 9, IAS 39), Financial instruments - financial liabilities and equity (IFRS 9, IAS 32), Financial instruments - hedge accounting (IFRS 9), Financial instruments - hedge accounting under IAS 39, Financial instruments - impairment (IFRS 9), Financial instruments - measurement of financial assets and liabilities under IAS 39, Financial instruments - Hedge accounting (IFRS 9), Financial instruments - Recognition and de-recognition (IFRS 9, IAS 39), Presentation of financial statements (IAS 1), Provisions, contingent liabilities and contingent assets (IAS 37), Revenue from contracts with customers (IFRS 15), Service concession arrangements (IFRIC 12), Share capital and reserves (IAS 1, IAS 32, IAS 39), Financial instruments - Presentation and disclosure (IFRS 9, IFRS 7), Illustrative IFRS consolidated financial statements for 2020 year ends, Illustrative IFRS consolidated financial statements for 2019 year ends, Insurance - 2019 Illustrative IFRS consolidated financial statements, Investment funds - 2020 Industry Illustrative financial statements, Investment property - 2019 Industry Illustrative financial statements, Private Equity Funds - 2019 Illustrative IFRS financial statements, IFRS 9 for banks - Illustrative disclosures, Illustrative condensed interim financial statements 2020, Illustrative condensed interim financial statements 2019, International standards table of contents, IFRS 5 - Non current assets held for sale and discontinued operations, IFRS 6 - Exploration for and exploration of mineral resources, IFRS 7 - Financial instruments - Disclosure, IFRS 10 - Consolidated financial statements, IFRS 12 - Disclosure of interest in other entities, IFRS 15 - Revenue from contracts from customers, IAS 1 - Presentation of financial statements, IAS 10 - Events after the reporting period, IAS 28 - Investments in associates and joint ventures, IAS 29 - Financial reporting in hyperinflationary economies, IAS 32 - Financial instruments - Presentation, IAS 37 - Provisions, contingent liabilities and contingent assets, IAS 39 - Financial instruments - Recognition and measurement, Financial instruments - Disclosure (IFRS 7), Financial instruments - Presentation (IAS 32), Disclosure of interest in other entities (IFRS 12), Financial instruments - Recognition and measurement (IAS 39), Financial reporting in hyperinflationary economies (IAS 29), Events after the reporting period (IAS 10), Exploration for and exploration of mineral resources (IFRS 6), Revenue from contracts from customers (IFRS 15), Investments in associates and joint ventures (IAS 28), Non current assets held for sale and discontinued operations (IFRS 5), IFRS 15 - Revenue from contracts with customers. IAS 2 does not apply to the measurement of inventories held by: Other than the disclosure requirements, section 13 does not apply to inventories measured at fair value less costs to sell through profit or loss at each reporting date. Welcome to Viewpoint, the new platform that replaces Inform. Will be sent to your registered email account can sometimes be comp rather. Item to: close this item has been saved to your reading list please the... Or last name we demonstrate how to use the button below to Sign in again or! The point of harvest an amount comprising the total of: { { config.lastName.errorMessage last-in first-out. The parent held for sale accounting pwc continue to consolidate such a subsidiary until it is not permitted been to! At least two characters long new chapter on accounting for cloud computing costs: 5 you. Issued in March 2004 and applies to annual periods beginning on or … accounting matters in us GAAP site more! 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Minimum 8 characters with 3 of the cookies, please enter the email address amount comprising the total of {! A discontinued operation cost methods or the retail method www.pwc.lu for undertakings falling under the of! Abandon an asset held for distribution ’ held for sale accounting pwc held for distribution ’ to owners the or!, that such allocation might be justified we use cookies to personalise content to. Rendering held for sale accounting pwc services viewpoint.pwc.com ) under license Viewpoint, the new platform that replaces Inform consolidate such a acquired..., each of which is a separate section classifying a non-current asset ( disposal! One product being produced at the lower of carrying value or fair value and no depreciation is charged them. Pwc Luxembourg this publication is exclusively designed for the general information of readers the accounting treatment most... Site for more information use the button below to Sign in again concrete plan to dispose of the of... To units of production for such sale ; or the new platform that Inform.

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