International Financial Reporting Standard 5 - Non-Current Assets Held for Sale and Discontinued Operations

Abstract

International Financial Reporting Standard 5 has the working title Non-current assets held for sale and discontinued operations. This fi nancial reporting standard also represents a new group of standards along with the previous four, including existing International Accounting Standard, regardless if it concerns existing or revised standards, as a wish for further coordination of accounting regulations on world level. This idea is a concretisation of the wishes of International Accounting Standards Board, that at prior wish to establish specific rules in woods of existing rules imposing financial reporting standards as vital in financial reporting. This standard replaces existing International Accounting Standard 35 - Discontinuing Operations and achieves substantial convergence with the requirements of SFAS 144 Accounting for the Impairment or Disposal of Non-current Assets that are synonyms for assets held for sale, followed by specifying the conditions for its classification, and in the final are determined the ways of presentation and publishing of those type of activities. This way it is wished to reduce or at least abate the differences between US GAAP and International Financial Reporting Standards through joined short - term convergence project of American Accounting Standards and IFRS 5.International Financial Reporting Standard, International Accounting Standard, International Accounting Standards Board, US GAAP, non-current assets held for sale, discontinued operations