Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p2
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
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Character Range: 2980–6004

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 Assets Held for Sale and Discontinued Operations (as amended) is set out in paragraphs 1 – Aus45.2 and Appendices A, B and D.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A 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, and AASB 1057 Application of Australian Accounting Standards.  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.

Comparison with IFRS 5
AASB 5 Non-current Assets Held for Sale and Discontinued Operations as amended incorporates IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 5) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 5 also comply with IFRS 5.
Not-for-profit entities' compliance with IFRS 5 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 5.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 5

The Australian Accounting Standards Board made Accounting Standard AASB 5 Non-current Assets Held for Sale and Discontinued Operations under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 5 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

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

Objective
1 The objective of this Standard is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. In particular, the Standard requires:
(a) assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value