Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p15
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
Provision Reference: 
Character Range: 36076–39024

Standard repeals AASB 5 Non-current Assets Held for Sale and Discontinued Operations issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Defined terms
This appendix is an integral part of the Standard.
cash-generating unit      The smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
component of an entity    Operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity.
costs to sell             The incremental costs directly attributable to the disposal of an asset (or disposal group), excluding finance costs and income tax expense.
current asset             An entity shall classify an asset as current when:
                          (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
                          (b) it holds the asset primarily for the purpose of trading;
                          (c) it expects to realise the asset within twelve months after the reporting period; or
                          (d) the asset is cash or a cash equivalent (as defined in AASB 107) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
discontinued operation    A component of an entity that either has been disposed of or is classified as held for sale and:
                          (a) represents a separate major line of business or geographical area of operations,
                          (b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations or
                          (c) is a subsidiary acquired exclusively with a view to resale.
disposal group            A group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated in accordance with the requirements of paragraphs 80–87 of AASB 136 Impairment of Assets or if it is an operation within such a cash-generating unit.
fair value                Fair value is the price that would be received to sell an asset or paid to transfer a liability in an