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Guidance on implementing IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Ifrs available for sale. Under IFRS 9 the entire contract will have to be measured at FVPL in all but a few cases. That the asset is available for immediate sale. Firstly the assets must be available for immediate sale in its their present condition.
Demonstrates that the facility is not available for immediate sale. Assets held for sale to be measured at the lower of the carrying amount and fair value less costs to sell. Secondly the sale must be highly probable.
For the available-for-sale category. Generally Accepted Accounting Principles US GAAP specifically FAS 115. IFRS 9 replaces IAS 39s patchwork of arbitrary bright line tests accommodations.
This guidance accompanies but is not part of IFRS 5. The IFRS 9 model is simpler than IAS 39 but at a price the added threat of volatility in profit and loss. First of all the asset or disposal group must be available for immediate sale in its present conditions and the sale must be highly probable.
The IFRS also includes a fourth classification. When fair value is less than amortized cost an entity needs to determine whether the shortfall in fair value is temporary or other than temporary. Available for sale securities may be classified as current assets on the balance sheet if they are to be liquidated within one year or as long-term assets if they are to be held for a longer period of time.
The temporary exemption in paragraph 20A of IFRS 4 that provides a temporary exemption to some insurers from applying IFRS 9 until they apply IFRS 17. Contract often still can be measured at Amortized Cost. A non-current asset or disposal group to be classified as held for sale if its carrying amount will be recovered principally through a sale transaction instead of through continuing use.
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