Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p1
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
Provision Reference: 
Character Range: 0–3258

Compiled AASB Standard  AASB 5

Non-current Assets Held for Sale and Discontinued Operations

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 3

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IFRS 5
ACCOUNTING STANDARD
AASB 5 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

from paragraph
Objective 1
Scope 2
Classification of non-current assets (or disposal groups) as held for sale or as held for distribution to owners 6
Non-current assets that are to be abandoned 13
Measurement of non-current assets (or disposal groups) classified as held for sale
Measurement of a non-current asset (or disposal group) 15
Recognition of impairment losses and reversals 20
Changes to a plan of sale or to a plan of distribution to owners 26
Presentation and disclosure 30
Presenting discontinued operations 31
Gains or losses relating to continuing operations 37
Presentation of a non-current asset or disposal group classified as held for sale 38
Additional disclosures 41
Transitional provisions Aus42.1
Effective date 44
Withdrawal of IAS 35
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus45.2
Appendices
A  Defined terms
B  Application supplement
D  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IFRS 5 text

available on the AASB website
Implementation guidance on IFRS 5
Basis for Conclusions on IFRS 5

Australian Accounting Standard AASB 5 Non-current