Noncurrent Asset Held for Sale

Explanation of non-current assets as a residual classification and the definition of a disposal group, which includes both assets and associated liabilities to be sold in a single transaction.

The five critical conditions required to classify an asset as held for sale: available for immediate sale, the sale must be highly probable, management is committed to a plan, an active program to locate a buyer exists, and the sale is expected within one year.

Assets held for sale are measured at the lower of their carrying amount or fair value less costs to sell. Impairment losses are recognized if the carrying amount exceeds fair value less costs to sell, and subsequent gains are limited to previously recognized impairment losses.

Procedures for handling assets previously under the revaluation model, including how to manage revaluation surplus, impairment loss, and the final gain or loss calculation upon actual sale.

Guidelines for when an asset is no longer classified as held for sale, requiring it to be measured at the lower of its carrying amount as if it had never been reclassified or its recoverable amount.