Discontinued operations are treated slightly differently under the Generally Accepted Accounting Principles (GAAP). RECOGNITION AND MEASUREMENT . Disposal of long-lived assets zAssets classified as held for sale are not amortised or depreciated. FAS 144—Measuring Assets Held for Sale Last Updated: May 23, 2008 (Updated sections are indicated with an asterisk *) The staff has prepared this summary of Board decisions for information purposes only. Revenue recognition is an accounting principle that outlines the specific conditions under which revenue is recognized. Therefore, IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations was issued to highlight the results from continued operations and to separate them from the results of the ongoing activities. Discontinued Operations under GAAP. Discontinued_operations_slides - Discontinued operations Typical coverage of US GAAP Criteria for classification as non-current assets held for sale. Criteria to Be Met. For a non-current asset or disposal group to be classified as held for sale, the relevant criteria must be met before the reporting date. How an Available-for-Sale Security Works . Topic 340: Other Assets and Deferred Costs, ASC Codification Topic 350: Intangibles-Goodwill and Other, ASC Codification --> a loss is recognized In many cases, it takes months since the date the company decides … In this case, XYZ will not have any continuing operational involvement in the product lines that it sold. An asset is not depreciated while classified as "held for sale" Additionally, the entity is planning to sell part of its b… Assets held for sale – on top of disclosures, you need to measure them at fair value less cost to sell. Income statement — discontinued operations criteria Prior to the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, discontinued operations classification is for components held for sale or disposed of, provided that In theory, there is a wide range of potential points at which revenue can be recognized. It sets the presentation and disclosure requirements for discontinued operations. A gain or loss Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies and Loss Recoveries Contracts on an Entity's Own Equity Convertible Debt Current Expected Credit Losses Disposals of Long-Lived Assets and Discontinued Operations … A component of an entitycomprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. The entity has the ability and intention to transfer the asset to a purchaser in its current condition. In general, the following conditions must be met for an asset (or 'disposal group') to be classified as held for sale: [IFRS 5.6-8] management is committed to a plan to sell; the asset is available for immediate sale; an active programme to locate a buyer is initiated; the sale is highly probable, within 12 months of classification as held for sale (subject to limited exceptions) 21 Chapter 4: How do securitizations fare under IFRS? they meet the criteria to be classified as held for sale in accordance with the IFRS. 2. Criteria to Be Met. zAssets classified as held for sale are not amortised or depreciated. 5. Presented separately in the statement of financial position group is classified as held for sale. When held for sale criteria are no longer met: When an asset or disposal group has been classified as held for sale, but the held for sale criteria are no longer met, the asset or disposal group should be removed from the held for sale category. 7. 205-10-05-3A If a component of an entity that either has been disposed of or is classified as held for sale does not meet the conditions to be reported in discontinued operations, Section 360-10-45 on other 31 Chapter 5: How about some examples? For a non-current asset or disposal group to be classified as held for sale, the relevant criteria must be met before the reporting date. So, if you want to sell a CGU, then it’s both a disposal group (asset held for sale) and discontinued operation (by definition), and therefore you need to measure it at fair value less cost to sell + disclose … Measured at cost Topic 305: Cash and Cash Equivalents, ASC Codification If (B) > (C) Any subsequent increase in the disposal group’s fair value, less cost to sell, should be recognized, but not in excess of … Held for sale assets are long -lived assets for which a company has a concrete plan to dispose of the asset by sale. The asset is not reallocated to current assets under FRS 102. BDO’S US GAAP AND IFRS COMPARISON SERIES JUNE 2020 / www.bdo.com INTRODUCTION Guidance related to assessing and recording impairment of assets is found in IAS 36, Impairment of Assets and in IFRS 5, Non-current Assets Held for Sale and Discontinued Operations for entities complying with international accounting standards, and in ASC 350, Intangibles – Goodwill and Other … In this guide, we provide an overview, by accounting area, of the similarities and differences between US GAAP and IFRS. “held for sale”, (HFS) and the “presentation and disclosure for discontinued operations”. Accounting for Partial Sales—Under ASC 360 and ASC 970, a sale is considered a partial sale if the seller retains an equity interest in the property (or the buyer). If an impairment loss is recognized Adjusted EBITDA, a non-GAAP measure, was $366 million, up 18.4%, and up 14.8% on an OCC basis. 66 Chapter 9: How do I measure and report fair value … According to the IFRS criteria, for revenue to be recognized, the following conditions must be satisfied: 1. FAS 144—Measuring Assets Held for Sale Last Updated: May 23, 2008 (Updated sections are indicated with an asterisk *) The staff has prepared this summary of Board decisions for information purposes only. During the construction period US GAAP versus IFRS. (C) fair value less cost to sell 61 Chapter 8: What about the investors? Official positions of the FASB are determined only after extensive due process and deliberations. Available-for-sale (AFS) is an accounting term used to describe and classify financial assets. US GAAP, as promulgated by the Financial Accounting Standards Board (FASB), and IFRS, as promulgated by the International Accounting Standards Board (IASB) (collectively, the Boards). 3 . The guidance related to long-lived assets held for sale in U.S. GAAP is included in the Financial Accounting Standards Board’s Accounting Standards Codification (ASC) Topic 360, Property, Plant, and Equipment, and the guidance related to discontinued operations is included in ASC 205-20, Presentation of Financial Statements –Discontinued Operations. For discontinued operation – you do disclose it separately in both P/L and balance sheet. Objective of IFRS 5. Project … TRANSFER TO HELD FOR SALE ACCOUNT When a decision is made to sell a loan or portion thereof that was not originated or initially acquired with the intent to sell, the loan should be clearly identified and transferred to the held-for-sale (HFS) account. Establishes criteria beyond that previously specified in Statement 121 to determine when a long-lived asset is held for sale, including a group of assets and liabilities that represents the unit of accounting for a long-lived asset classified as held for sale. zNon-current assets (and disposal groups) held for sale generally are measured at the lower of carrying amount and fair value less costs to sell and are disclosed separately on the face of the balance sheet. The objective of IFRS 5 is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Subsequent measurement of property, plant and equipment An asset is impaired when (E) < (B) Accounting for Partial Sales—Under ASC 360 and ASC 970, a sale is considered a partial sale if the seller retains an equity interest in the property (or the buyer). Measured at the lower of (B) and (C) Impairment loss = (B) - (E) Among other things, those criteria specify that (a) the asset must be available for immediate sale in its present condition subject only to terms that are usual and … --> adjusted carrying amount becomes "new cost basis" Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. 4. The price of the building has been fixed at $4m and a surveyor has valued the building based on market prices at $3.6m. Under US GAAP, assets are classified as held for sale when the criteria under FAS 144 ‘Accounting for the impairment or disposal of long-lived assets’ are AR6470 IHG Notice of Meeting 2005 11/03/2005 Sign off proof £ £££$ $$$ £ £££$ $$$ www.ihgplc.com . --> certain interest costs are also capitalized Long-lived assets to be held and used Where an entity intends to sell a tangible fixed asset in the near future, the asset should continue to be held in fixed assets in the balance sheet unless that asset is being transferred to stock for sale in the ordinary course of the company’s business. 3. Project … Test Prep . When management decided to put Tayto on the market, it would be a disposal group held for sale. All rights reserved. (D) sum of "undiscounted" cash flows from the asset consistent with generally accepted accounting principle (GAAP). ASSETS HELD FOR SALE Under UK GAAP there is no held for sale definition. US GAAP IFRS . Meeting all of these criteria can be difficult and the assessment of each takes a significant amount of judgement. FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 — Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Combinations — SEC Reporting Considerations, Consolidation — Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees — SEC Reporting Considerations, Foreign Currency Transactions and Translations, Guarantees and Collateralizations — SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Multiple-Element Arrangements — A Roadmap to Applying the Revenue Recognition Guidance in ASU 2009-13, Qualitative Goodwill Impairment Assessment — A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Software Revenue Recognition — A Roadmap to Applying ASC 985-605, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. 55 Chapter 7: What should I know about mortgage servicing rights? Impairment of long-lived assets The sale agreement states that the buyer will pay XYZ a 5% royalty from the sale coming from these product lines for the next five years. A non-current asset (or disposal group) is classified as ‘held for sale’ if its carrying amount is recovered principally through a sale transaction rather than through continuing use. Chapter 3: Does my securitization meet the sale criteria under GAAP? --> a gain is recognized up to "the cumulative loss" previously recognized 2. --> adjusts the carrying amount of the asset Overview, ASC Codification 1. This is the case where the asset (or disposal group) is available for immediate sale in its present condition, its sale is highly probable, and the sale is expected to be completed within one year from the date of classification. If an entity has classified an asset (or disposal group) as held for sale, but the criteria in paragraphs 7-9 are no longer met, the entity shall cease to classify the asset (or disposal group) as held for sale (paragraph 26 of IFRS 5) (Hrd). Discontinued_operations_slides - Discontinued operations... School San Beda College Manila - (Mendiola, Manila) Course Title CAS BSA; Type. Non-current assets held for sale and discontinued operations EY, International GAAP 2020 (2020) The latest edition of this comprehensive guide offers a global perspective and explanations of complex technical accounting issues to help practitioners interpret and implement IFRS. Let’s talk through some additional considerations on a few of them. Additional disaggregation should be provided in the statement of financial position (if material) or in the notes. Those Board decisions are tentative and do not change current accounting. 45 Chapter 6: How do you determine gain or loss on a sale? Those Board decisions are tentative and do not change current accounting. Topic 330: Inventory, ASC Codification IFRS 5 came into effect on 1 January 2005. A business or nonprofit activity that, on acquisition, meets the criteria in paragraph 205-20-45-1E to be classified as held for sale also is a discontinued operation. 2. Old UK GAAP and new UK GAAP (FRS 102): Assets held for sale are not covered; the decision to sell an asset is considered an impairment indicator. 2. Held-for-sale classification. On the first item, management commits to a plan, there needs to be specificity to the plan. Before an asset or disposal group can be classified as held for sale, the following criteria must be met: Asset must be available for immediate sale. Before an asset or disposal group can be classified as held for sale, the following criteria must be met: Asset must be available for immediate sale. Further, assets of a class that an entity would normally regard as non-current and are acquired exclusively with a view to resale are not classified as current unless they meet the criteria to be classified as held for sale in accordance with the IFRS. Posted by hardi at Tuesday, November 02, 2010. 3 . The conditions for a non-current asset or disposal group to be classified as held-for-sale are as follows: the assets must be available for immediate sale in their present condition and its sale must be highly probable the asset must be currently marketed actively at a price that is reasonable in relation to its current fair value 66 Chapter 9: How do I measure and report fair value … Impairment loss is "not" reversed [Footnotse 4, 5] TRANSFER TO HELD FOR SALE ACCOUNT When a decision is made to sell a loan or portion thereof that was not originated or initially acquired with the intent to sell, the loan should be clearly identified and transferred to the held-for-sale (HFS) account. 31 Chapter 5: How about some examples? So, if you want to sell a CGU, then it’s both a disposal group (asset held for sale) and discontinued operation (by definition), and therefore you need to measure it at fair value less cost to sell + disclose it separately in your P/L … Impairment loss A long-lived asset or disposal group that meets the held-for- sale criteria should be reported at the lower of its carrying amount or fair value less cost to sell. Recoverability test At the time the decision is made, a formal marketing strategy or Under US GAAP, assets are classified as held for sale when the criteria under FAS 144 ‘Accounting for the impairment or disposal of long-lived assets’ are AR6470 IHG Notice of Meeting 2005 11/03/2005 Sign off proof £ £££$ $$$ £ £££$ $$$ www.ihgplc.com . IFRS 5 focuses on two main areas: 1. 3. It specifies the accounting treatment for assets (or disposal groups) held for sale, and 2. 1. Impairment test --> measured at fair value less cost to sell, at the acquisition date 2. 55 Chapter 7: What should I know about mortgage servicing rights? Official positions of the FASB are determined only after extensive due process and deliberations. When management decided to put Tayto on the market, it would be a disposal group held for sale. As stated in ‘Objective’, in particular, the IFRS requires : assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value less costs to sell, and depreciation on such assets to cease; and SFAS 144, August 2001 Where an entity intends to sell a tangible fixed asset in the near future, the asset should continue to be held in fixed assets in the balance sheet unless that asset is being transferred to stock for sale in the ordinary course of the company’s business. 1. (1) component that has been disposed of This guide addresses recognition principles for both IFRS and U.S. GAAP. RECOGNITION AND MEASUREMENT . 2. (B) carrying amount A businessor nonprofit activitythat, on acquisition, is classified as held for sale. Held for sale – definition A non-current asset or disposal group (a group of assets to be disposed of together) is classified as held-for-sale when the following criteria are met: • Dispose of together in a single transaction • Its carrying amount will be recovered principally through a sale transaction: – Available for immediate sale in No comments: Post a Comment. UK GAAP (FRS 101): A single line presentation of non-current assets (or liabilities) held for sale will not usually meet company law requirements. The collection of paymentSales and Collection CycleThe Sales and Collection Cycle, also known as the revenue, receivables, and receipts (RRR) cycle, comprises of various classes of transactions. meets the criteria to be classified as held for sale or has been abandoned or spun-off and (b) represents a strategic shift that has (or will A discontinued operation is a component of an entity that either has been disposed of or is classified as held for sale or for distribution to owners, and that meets any of the following criteria: Similarly to IFRS, a company is allowed to report discontinued operations under GAAP when two criteria are met. (E) fair value The seller does not have control over the goods sold. Long-lived assets to be held and used Long-lived assets "held for sale" 1. Chapter 3: Does my securitization meet the sale criteria under GAAP? Net income was $186 million, up 466% for the third quarter of 2020. 45 Chapter 6: How do you determine gain or loss on a sale? The entity will continue to use the building until another building has been found with equivalent facilities, and in a suitable location for the office staff, who will not be relocated until the new building has been found. 1. Impairment loss is not reversed 3. IFRS 5 requires: IFRS 5 requires: assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value less costs to sell, and depreciation on such assets to cease; and Classification of long-lived assets Long-lived assets held for sale 2. 2. The criteria for GAAP require that firstly, the transaction used to shut down the divested business will eliminate the operations and cash flow of … For discontinued operation – you do disclose it separately in both P/L and balance sheet. The results of the US business are presented as discontinued and are shown separately from continuing operations. If (C) < (B) If the criteria are met after the reporting date but before the financial statements are authorized for issue, various disclosures are triggered (see below). There are six criteria to achieve held for sale accounting. A business or nonprofit activity that, on acquisition, meets the criteria in paragraph 205-20-45-1E to be classified as held for sale also is a discontinued operation. ASC, --> tested for impairment Topic 323: Investments-Equity Method and Joint Ventures, ASC Codification (B) carrying amount Available for immediate sale in its present condition: 3. The entity has the ability and intention to transfer the asset to a purchaser in its current condition. Impairment and disposal of long-lived assets At 28 September 2018, the disposal of Greencore’s US business met the recognition criteria under IFRS 5 Non-current assets held for sale and discontinued operations. 1. --> if (D) < (B) If the criteria are met after the reporting date but before the financial statements are authorized for issue, various disclosures are triggered (see below). An asset is not depreciated while classified as "held for sale" 3. Long-lived assets "held for sale" They are carried on balance sheet at the lower of carrying value or fair value and no depreciation is charged on them. A component of an entitycomprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. 61 Chapter 8: What about the investors? [FRS 101 para A2.10A]. (2) component that is classified as "held for sale" Welcome to the Deloitte Accounting Research Tool (DART). Codification Topic 360: An entity has agreed in a directors’ meeting to sell a building, and has tentatively started looking for a buyer for the building. Risks and rewards have been transferred from the seller to the buyer. In particular, the IFRS requires assets that meet the criteria to be classified as held for sale to be: (a) measured at the lower of carrying amount and fair value less … Classification of non-current assets (or disposal groups) as held for sale or as held for distribution to owners An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a saletransaction rather than through continuing use. , we provide an overview, by accounting area, of the asset to a plan, there to... Accounting principles ( GAAP ) to be held and used long-lived assets to be specificity to the IFRS,. Of disclosures, you need to measure them at fair value and no depreciation is charged on them )! 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