CONTENTS

COMPILATION DETAILS

Comparison With IFRS 5

Accounting Standard

AASB 5 Non-current Assets Held for Sale and Discontinued Operations

Paragraphs

Objective 1

Application Aus1.1 – Aus1.7

Reduced disclosure requirements Aus1.9 – Aus1.10

Scope 2 – 5B

Classification of Non-current Assets (or Disposal Groups) as Held for Sale or as Held
for Distribution to Owners 6 – 12A

Non-current assets that are to be abandoned 13 – 14

Measurement of Non-current Assets (or Disposal Groups) Classified as Held for Sale

Measurement of a non-current asset (or disposal group) 15 – 19

Recognition of impairment losses and reversals 20 – 25

Changes to a plan of sale or to a plan of distribution to owners 26 – 29

Presentation and Disclosure 30

Presenting discontinued operations 31 – 36A

Gains or losses relating to continuing operations 37

Presentation of a non-current asset or disposal group classified as held for sale 38 – 40

Additional disclosures 41 – 42

Transitional Provisions Aus42.1 – 43

Effective Date Aus44B.1 – 44L

Appendices:

A. Defined Terms Page 16

B. Application Supplement Page 17

DELETED IFRS 5 TEXT Page 18

IMPLEMENTATION GUIDANCE ON IFRS 5
(available on the AASB website)

BASIS FOR CONCLUSIONS ON IFRS 5
(available on the AASB website)

Australian Accounting Standard AASB 5 Non-current Assets Held for Sale and Discontinued Operations (as amended) is set out in paragraphs 1 – 44L and Appendices A – B. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 5 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.