Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p75
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 201844–204537

disclosure general requirements of AASB 18 and the requirements of AASB 108 Basis of Preparation of Financial StatementsAASB 101, in particular paragraphs 6A and 31A of AASB 108 15 and 125 of that Standard.

Classification of non‑current assets (or disposal groups) as held for sale or as held for distribution to owners
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Non‑current assets that are to be abandoned
13 An entity shall not classify as held for sale a non‑current asset (or disposal group) that is to be abandoned. This is because its carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned meets the criteria in paragraph 32(a)–(c), the entity shall present or disclose the results and cash flows of the disposal group as discontinued operations in accordance with paragraphs 33 and 34 at the date on which it ceases to be used. Non‑current assets (or disposal groups) to be abandoned include non‑current assets (or disposal groups) that are to be used to the end of their economic life and non‑current assets (or disposal groups) that are to be closed rather than sold.
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Measurement of non‑current assets (or disposal groups) classified as held for sale

Measurement of a non‑current asset (or disposal group)
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17 When the sale is expected to occur beyond one year, the entity shall measure the costs to sell at their present value. Any increase in the present value of the costs to sell that arises from the passage of time shall be classified presented in profit or loss applying the requirements in AASB 18 relating to income and expenses arising from the remeasurement of a non‑current asset (or disposal group) classified as held for saleas a financing cost.
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Changes to a plan of sale or to a plan of distribution to owners
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26A If an entity reclassifies an asset (or disposal group) directly from being held for sale to being held for distribution to owners, or directly from being held for distribution to owners to being held for sale, then the change in classification is considered a continuation of the original plan of disposal. The entity:
(a) shall not follow the guidance in paragraphs 27–29 to account for this change. The entity shall apply the classification, presentation, and measurement and disclosure requirements in this Standard that are applicable to the new method of disposal.
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28 The entity shall include any required adjustment to the carrying amount of a non‑current asset that ceases to be classified as held for sale or as held for distribution to owners in profit or loss6 from continuing operations in the period in which the criteria in paragraphs 7–9 or 12A, respectively, are no longer met. Financial