IFRS 5 – NCA Held for Sale and Discontinued Operations – Theory – 1

Which of the following is not a requirement of IFRS 5?

The classification and presentation requirements of IFRS 5 apply to all recognised non-current assets and to all disposal groups of an entity.

Assets classified as __________ in accordance with IAS 1 Presentation of Financial Statements _________ they meet the criteria to be classified as held for sale in accordance with IFRS 5.

To which of the following assets shall IFRS 5 be applied?

The classification, presentation and measurement requirements in this IFRS applicable to a non-current asset that is classified as held for sale do not apply to a non-current asset that is classified as held for distribution to owners acting in their capacity as owners.

Under which circumstances shall an entity classify a non-current asset as held for sale?

Which of the following is not a condition that must be met in order to classify a non-current asset as held for sale?

IFRS 5 provides unconditional requirement that the sale of the non-current asset held for sale should be expected to qualify for recognition as a completed sale within one year from the date of classification.

Sale transactions include exchanges of non-current assets for __________ when __________.

An entity shall not account for a non-current asset that has been temporarily taken out of use as if it had been abandoned.