Property used for the purpose of earning rentals is classified as investment property under Accounting policies, accounting estimates and errors – IAS 8 9 6. IFRS 5 outlines how to account for non-current assets held for sale (or for distribution to owners). Acquisition or construction of real estate 2.1. Fair value – IFRS … 5 IFRS Standards around the world Most jurisdictions have reporting requirements for listed and other types of entities that include presenting financial statements that are prepared in accordance with a set of generally accepted accounting principles. Introduction 1 Accounting rules and principles 2 2. Mazars Insight IFRS 5 - 2009 Practical guide to application and expected changes IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, was published to achieve convergence with US GAAP and represented a significant change for many companies. f7 acca notes 5 PwC | Applying IFRS for the real estate industry 2. IFRS requires professional accountants and preparers to make judgements when applying the standards. Accounting principles and applicability of IFRS 3 3. IFRS 5, ‘Non-current assets held for sale and discontinued operations’, is relevant when any disposal occurs or is planned including distribution of non-current assets to shareholders. IFRS Standards are developed by the Board, which is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organisation. Thus, where a business is being sold, IFRS 5 will apply to all recognised assets and liabilities of that business, including goodwill. reporting using IFRS and US GAAP.” By Christoph Gruss and Holger Miß At the time of the announcement, the deadline set for companies using IFRS to apply the new revenue standard was for reporting periods beginning on or after 1 January 2017, while public companies using US GAAP would be required to apply it to annual reporting periods IFRS manual of accounting. Taxation 78 6. The Board was formed in 2001 as the successor organisation to the International Accounting Standards Committee, which had been setting IFRS overview 2017 PwC Contents 1. Applying IFRS for the real estate industry PwC Contents 5.2. The PwC IFRS Manual of Accounting is our collected insights on the application of IFRS, the language of the global capital markets. Joint arrangements 74 5.3. The definition of a disposal group is, however, much wider than this. Presentation of financial statements – IAS 1 6 5. Overview Real estate entities obtain real estate either by acquiring, constructing or leasing property. 25 Consolidated financial statements – IFRS 10 and IFRS 12 57 26 Separate financial statements – IAS 27 58 27 Business combinations – IFRS 3 58 28 Disposal of subsidiaries, businesses and non-current assets – IFRS 5 61 29 Equity accounting – IAS 28 63 30 Joint arrangements – IFRS … You need to be logged in to access full document. presentation requirements of IFRS 5 will apply to the disposal group as a whole. In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. IFRS Standards are increasingly that prescribed set of First-time adoption of IFRS – IFRS 1 4 4. 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