Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p4
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
Provision Reference: 
Character Range: 8472–11342

be classified as current unless they meet the criteria to be classified as held for sale in accordance with this Standard.
4 Sometimes an entity disposes of a group of assets, possibly with some directly associated liabilities, together in a single transaction. Such a disposal group may be a group of cash-generating units, a single cash-generating unit, or part of a cash-generating unit.[2]  The group may include any assets and any liabilities of the entity, including current assets, current liabilities and assets excluded by paragraph 5 from the measurement requirements of this Standard. If a non-current asset within the scope of the measurement requirements of this Standard is part of a disposal group, the measurement requirements of this Standard apply to the group as a whole, so that the group is measured at the lower of its carrying amount and fair value less costs to sell. The requirements for measuring the individual assets and liabilities within the disposal group are set out in paragraphs 18, 19 and 23.
5 The measurement provisions of this Standard[3] do not apply to the following assets, which are covered by the Australian Accounting Standards listed, either as individual assets or as part of a disposal group:
(a) deferred tax assets (AASB 112 Income Taxes).
(b) assets arising from employee benefits (AASB 119 Employee Benefits).
(c) financial assets within the scope of AASB 9 Financial Instruments.
(d) non-current assets that are accounted for in accordance with the fair value model in AASB 140 Investment Property.
(e) non-current assets that are measured at fair value less costs to sell in accordance with AASB 141 Agriculture.
(f) groups of contracts within the scope of AASB 17 Insurance Contracts.
          Aus5.1 Further to paragraph 5, for public sector entities, the measurement provisions of this Standard3 do not apply to contractual rights under insurance contracts as defined in AASB 4 Insurance Contracts.
5A The classification, presentation and measurement requirements in this Standard applicable to a non-current asset (or disposal group) that is classified as held for sale apply also to a non-current asset (or disposal group) that is classified as held for distribution to owners acting in their capacity as owners (held for distribution to owners).
5B This Standard specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations. Disclosures in other Standards do not apply to such assets (or disposal groups) unless those Standards require:
(a) specific disclosures in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations; or
(b) disclosures about measurement of assets and liabilities within a disposal group that are not within the scope of the measurement requirement of AASB