AASB 5 - Non-current Assets Held for Sale and Discontinued Operations - July 2004
Recognition of impairment losses and revRecognition of impairment losses and reversals
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Recognition of impairment losses and reversals
20 An entity shall recognise an impairment loss for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell, to the extent that it has not been recognised in accordance with paragraph 19.
21 An entity shall recognise a gain for any subsequent increase in fair value less costs to sell of an asset, but not in excess of the cumulative impairment loss that has been recognised either in accordance with this Standard or previously in accordance with AASB 136 Impairment of Assets.
22 An entity shall recognise a gain for any subsequent increase in fair value less costs to sell of a disposal group:
(a) to the extent that it has not been recognised in accordance with paragraph 19; but
(b) not in excess of the cumulative impairment loss that has been recognised, either in accordance with this Standard or previously in accordance with AASB 136, on the non‑current assets that are within the scope of the measurement requirements of this Standard.
23 The impairment loss (or any subsequent gain) recognised for a disposal group shall reduce (or increase) the carrying amount of the non-current assets in the group that are within the scope of the measurement requirements of this Standard, in the order of allocation set out in paragraphs 104(a) and (b) and 122 of AASB 136.
24 A gain or loss not previously recognised by the date of the sale of a non‑current asset (or disposal group) shall be recognised at the date of derecognition. Requirements relating to derecognition are set out in:
(a) paragraphs 67-72 of AASB 116 for property, plant and equipment; and
(b) paragraphs 112-117 of AASB 138 Intangible Assets for intangible assets.
25 An entity shall not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of a disposal group classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be recognised.