ifrs 5 case study

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

International financial reporting standard 5.

Overview of IFRS 5

• Issued: in 2004; followed by amendments
• Effective date: 1 January 2005
• the accounting for assets or disposal groups held for sale (those whose carrying amount will be recovered principally through a sale transaction rather than continuing use); and
• the presentation and disclosure of discontinued operation (component of an entity – subsidiary, line of business, geographical area of operations, etc. – that either has been disposed of or is classified as held for sale).
• IFRS 5 establishes conditions when the entity shall classify a non-current asset or a disposal group as held for sale.
• It sets out the rules for measurement of assets or disposal groups held for sale, recognition of impairment losses and their reversals, and rules for the situation when an entity makes changes to a plan of sale and asset or disposal group can no longer be classified as held for sale.
• IFRS 5 explains the term “discontinued operation”;
• It prescribes what shall be reported in the statement of comprehensive income and statement of cash flows with regard to it;
• Additional disclosures in the notes to the financial statements are also required.

Articles about IFRS 5

• Summary of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Questions and Answers

• Asset held for sale not sold after 1 year - how shall you report it in our accounts since we failed to meet the conditions in IFRS 5?

Other Resources

• IFRS Kit - learn IFRS in 150+ videos, 150+ excel case studies, quizzes, certificates

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CPD technical article

01 January 2017

The challenge of implementing IFRS 5

Multiple-choice questions

Graham Holt

Implementation of ifrs 5 can be a complex and time-consuming exercise with significant judgment required, explains graham holt, studying this technical article and answering the related questions can count towards your verifiable cpd if you are following the unit route to cpd and the content is relevant to your learning and development needs. one hour of learning equates to one unit of cpd. we'd suggest that you use this as a guide when allocating yourself cpd units..

This article was first published in the January 2017 international edition of Accounting and Business magazine.

Over the last few years, the Interpretations Committee of the International Accounting Standards Board (IASB) has been considering certain issues relating to IFRS 5, Non-current Assets Held for Sale and Discontinued Operations . This article discusses some of those issues.

IFRS 5 requires an entity to classify non-current assets as held for sale when the assets' carrying amount will be recovered principally through a sale transaction rather than through continuing use. The standard further sets out more detailed conditions that an entity has to meet within the context of a typical sale transaction. 

These conditions include: a commitment to a plan to sell the asset; the asset being available for immediate sale; and the sale being highly probable within a 12-month time period. When an assets is classified as held for sale, the entity has to measure the asset at the lower of its carrying amount and fair value less costs to sell. At first sight these conditions and accounting practices seem straightforward but several issues have arisen since the standard was introduced.

One issue relates to whether loss of control other than through outright sale can result in a held-for-sale classification. For example, an entity could lose control through dilution of the shares held by the entity or due to call options held by a non-controlling shareholder.

The question therefore is whether ‘loss of control' is a factor that brings the event within the scope of IFRS 5, or whether there also needs to be a disposal. The loss of control is a significant economic event that meets the IFRS 5 requirements, and triggers the held-for-sale classification, provided the other relevant criteria are met. This is regardless of whether the entity will retain a non-controlling interest in its former subsidiary after the sale. This means that the recovery of the carrying amount of non-current assets or disposal group has changed to a method other than continuing use. 

It is argued that the current objective of IFRS 5 is to capture non-current assets (or disposal groups) over which an entity is committed to lose control, irrespective of the form of the transaction other than abandonment. Additionally, the non-current assets (or disposal group) must be available for immediate disposal, and it must be highly probable that the entity will lose control. The loss of control is a significant economic event and information about the event helps users to assess the timing, amount and uncertainty of an entity's future cashflows.

Another issue relates to whether an impairment loss recognised for a disposal group should be allocated to non-current assets in the group to the extent that it reduces the carrying amount of such assets to below their fair value less costs to sell. The Interpretations Committee has discussed this issue and noted that in determining the order of an impairment allocation to non-current assets, IFRS 5 does not refer to IAS 36, Impairment of Assets , which states that an impairment loss for a CGU (cash-generating  unit) should not reduce the carrying amount of an asset below the highest of:

• its fair value less costs of disposal (if measurable)
• its value in use (if determinable)

As a result, the Interpretations Committee has tentatively stated that IAS 36 does not affect the allocation of an impairment loss for a disposal group. However, it is still unsure as to whether the amount of impairment losses should be limited to: the carrying amount of the non-current assets measured under IFRS 5; the net assets of a disposal group; the total assets of a disposal group; or the non-current assets with the possible recognition of any liability for the excess. 

The interpretation of the definition of ‘discontinued operation' has come under scrutiny, particularly with regard to the concept in IFRS 5 of ‘separate major line of business or geographical area of operations'. IFRS 5 says that a discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale and meets certain conditions, two of which are part of a single coordinated plan, and that the discontinuance ‘represents separate major line of business or geographical area of operations'. 

This latter concept can be interpreted differently depending on how the entity determines its operating segments. Generally speaking, the disposal of a reportable segment will be the type of strategic shift that qualifies as a discontinued operation. The definition of discontinued operations is an area that the IASB has attempted to revise, but the issue has not yet been resolved. 

There are different practices as regards how transactions between continuing and discontinued operations are treated. Some entities eliminate the transactions in full without any adjustments, while others eliminate with adjustments to reflect how transactions between continuing or discontinued operations will be reflected in continuing operations going forward.

Finally, some entities do not eliminate such transactions. IFRS 5 attempts to address this issue by requiring an entity to ‘present and disclose information that enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups)'.

The standard itself does address how to reflect the impact of transactions between continuing and discontinued operations, but some believe that IFRS 5 requires adjustments to reflect the anticipated impact of the disposal to be included on the income statement itself rather than providing additional information in the notes. 

The Interpretations Committee discussed this issue and concluded that there were no requirements or guidance in IFRS 5 or IAS 1, Presentation of Financial Statements , in relation to the presentation of discontinued operations that could override the consolidation requirements in IFRS 10, Consolidated Financial Statements . At this point, the committee agreed that an entity was required to eliminate intra-group transactions in full prior to determining the presentation of continuing and discontinued operations. However, subsequently the committee felt that this and other issues were too broad for it to address, which indicated that a broad-scope project on IFRS 5 was necessary. 

Clarification

In 2013, IFRS 5 was amended to clarify the situation where a disposal group or non-current asset ceases to be classified as held for sale and is a subsidiary, joint operation, joint venture, associate or a portion of an interest in a joint venture or an associate (subsidiary et al). However, for a non-current asset (or a disposal group) that is not a subsidiary et al, ceasing to be classified as held for sale results in the inclusion of any measurement adjustment in profit or loss in the current period. 

In contrast, if a change to a sale plan involves a subsidiary et al, then IFRS 5 requires retrospective amendments. Questions have arisen as to why there is inconsistency between the two treatments and whether retrospective amendment applies not only to measurement but also to presentation. The Interpretations Committee felt that the retrospective amendment should apply to both measurement and presentation aspects of financial statements but because there was no observable diversity in practice, it has not taken this any further. 

Another issue relates to a situation in which an impairment loss recorded for a disposal group that is classified as held for sale subsequently reverses. IFRS 5 requires the recognition of a gain for a subsequent increase in fair value less costs to sell of a disposal group.  However, specifically, the question focuses on whether an impairment loss relating to goodwill can be reversed. 

Guidance on the reversal of an impairment loss for goodwill generally is set out in IAS 36, which states that an impairment loss recognised for goodwill should not be reversed in a subsequent period. IFRS 5 includes multiple references to IAS 36 but omits any reference to the above requirement. By not recognising a reversal of an impairment loss for goodwill, it essentially means that the disposal group is seen as comprising separate assets and liabilities, which are subject to different measurement requirements within IFRS.

No consensus

If the disposal group is seen as a single asset or liability, then the recognition and measurement requirements should be applied to the disposal group as a whole, rather than the individual assets and liabilities. The Interpretations Committee has discussed this issue three times at its past meetings and could not reach a consensus.

Another issue is whether IFRS 5 applies to a disposal group that consists mainly, or entirely, of financial instruments. IFRS 5 states that financial assets are excluded from its scope for measurement purposes. This issue is particularly relevant where the disposal group is expected to be sold at a loss. In applying the requirement of IFRS 5, it is possible that the loss is recognised only when the sale effectively occurs and this conflicts with the measurement principles in IFRS 5, which require measurement at fair value less costs to sell at the date of a ‘disposal group' classification. The Interpretations Committee noted that this was another example of the IFRS 5 measurement challenges.

Discontinuing a business operation or deciding to sell a major asset are important commercial events, which are likely to have a significant effect on an entity's results and net assets. IFRS 5 can have a significant effect on a company's profit or loss, the carrying values of its assets and on the presentation of results.

Implementation of IFRS 5 can be a complex and time-consuming exercise with significant judgment required especially in the areas above.

Graham Holt is director of professional studies at the accounting, finance and economics department at Manchester Metropolitan Business School

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[회계법인 마일스톤의 스타트업 CFO Case Study] 조건부지분인수계약 (SAFE) 회계처리는 어떻게?

조건부지분인수계약이란?

조건부지분인수계약 (이하 “SAFE”, Simple Agreement for Future Equity) 이란 투자금 총액만을 우선 협의하여 투자를 진행한 후, 후속 투자가 이루어지면 그 때 결정되는 기업가치를 기준으로 하여 주식수를 확정하는 방식의 투자 방식이다. 국내엔 2020년 도입되어 스타트업을 중심으로 활발하게 활용되고 있다.

SAFE는 이를 발행하는 회사(발행자) 와 투자하는 회사(투자자) 가 존재한다. 투자자 입장에서의 회계처리는 비교적 명료할 것으로 보이나, 발행자 입장에서는 투자금이므로 자본인거 같지만 한편으로는 지금 주식을 발행하는 것은 아니므로 부채로 보일 여지도 있어 어려움이 있다.

K-IFRS 회계처리

K-IFRS 기준으로 SAFE 회계처리는 비교적 명확하게 결론이 나와 있는 상황이다.회계기준원의 질의회신에 따라 투자자는 ‘금융자산’, 즉 주식과 동일한 기준으로 회계처리 하게 되어 있으며, 발행자는 ‘금융부채’ 로 보아 회계처리하도록 하고 있다. K-IFRS 는 설령 지분의 형식이라 하더라도 지분의 수량 역시 확정되어야만 자본으로 인정해주고 있어 발행자 입장에서 SAFE 가 자본으로 분류될 여지는 존재하지 않는다.

투자자와 발행자 모두 한가지 더 고려해야 할 사항은 금융자산과 금융부채는 기본적으로 공정가치 평가 대상이라는 점이다. 따라서, SAFE 역시 투자자와 발행자 모두 공정가치 평가를 원칙으로 하되, 상황과 조건 등에 따라 원가를 공정가치로 볼 수 있을지에 대해 감사인과의 협의가 필요할 수 있음에 유의해야 한다.

일반기업회계기준 회계처리

일반기업회계기준에서는 현재 SAFE에 대한 회계처리 방법이 명확하게 규정되어 있지 않다. 올해(2024년) 5월경 중기부에서 SAFE 회계처리 기준, 즉 자본으로 분류할지 부채로 분류할지를 판단하여 기준을 마련하겠다고 발표하였으나 아직 구체적인 내용은 발표되지 않은 상황이다.

부채로 보는 관점과 자본으로 보는 관점 모두 어느정도 타당성이 존재한다. 다만, 일반기업회계기준에서 자본은 주주로부터의 납입자본을 의미하며, 납입자본은 상법 제295조 등에 따라 주식회사가 발행한 주식에 대한 납입금액을 의미하고 있다. 이에 따라 RCPS 는 K-IFRS 와 달리 자본으로 분류하고 영구채는 무조건 부채로 분류하고 있는 것이다. 위 사례를 보아 아직 주식을 발행하지 않은 SAFE 투자금은 부채로 보는 것이 조금 더 기준서에 부합할 것으로 보인다.

다만, SAFE 의 실질이 만기가 없고 이자도 없는 점, 아직 관련된 기준이 정립되지 않은 점 등을 고려할 때 자본으로 분류하는 것 역시 무조건 틀린 회계처리라고 단정하기는 어려울 것으로 보인다.

각 회사의 상황에 따라 담당 회계사와의 논의를 거쳐 회계처리 방식을 결정하고 이후 중기부의 기준이 마련되었을 때 차이가 있다면 회계처리를 수정하는 방법을 고려하는 것이 적절할 것으로 판단된다.

-저자 소개 :  회계법인 마일스톤 -저자 블로그 :  회계법인 마일스톤 공식 블로그

• [회계법인 마일스톤의 스타트업 CFO Case Study] 임의감사vs법정감사
• [회계법인 마일스톤의 스타트업 CFO Case Study] 지분법 세무조정은 어떻게 할까?
• [회계법인 마일스톤의 스타트업 CFO Case Study] 성과조건부주식(RS)을 둘러싼 세무 이슈
• [회계법인 마일스톤의 스타트업 CFO Case Study] 정부지원금(국고보조금)을 매출로 인식할 수 있을까
• [회계법인 마일스톤의 스타트업 CFO Case Study] 애매한 세법규정, 회계사도, 세무사도 명확한 답변이 어렵다고 한다면?

플래텀은 'Startup's Story Platform’ 을 모토로 하는 스타트업 전문 미디어입니다.

플래텀은 ＇지혜를 나누는 공간(Plat+um)＇ 이라는 의미로, 창업자들이 뜻을 세우고 비즈니스를 추진하도록 지혜를 전하고 소통을 만들어가는 친구 같은 버티컬 매체를 지향합니다.

더불어 아시아와 대한민국 스타트업의 가교 역할을 하는 중화권 전문 네트워커로 국내 스타트업을 중화권과 아시아 시장에 알리는 데에 앞장서고 있습니다.

Platum is a media service that specializes in startups, and its motto is “Startup’s Story Platform”.

Platum means “Space for sharing wisdom (Plat + um)”: we aim to serve as a friendly vertical media company that helps founders pursue their ambitions and move their businesses forward by sharing wisdom and interacting with them.

As a media that specializes in Greater China, we connect startups in Asia with startups in Korea.

We are taking the leadership in introducing domestic startups to markets in Greater China and Asia.

福来腾(Platum)是报道创业公司消息的专业媒体，格言是“创业公司的故事平台（Startup’s Story Platform）”。

Platum是“分享智慧的空间（Plat+um）”的意思，旨在成为创业者身边友好的垂直媒体，向创业者提供知识和资讯的同时，帮助他们追逐梦想、发展事业。

与此同时，福来腾作为韩国创业公司通往亚洲地区的桥梁，通过在大中华区的关系网，致力于向大中华区甚至亚洲各国的读者介绍韩国创业企业及其动态。

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Customer Case Study: preezie’s AI Journey with Microsoft Semantic Kernel

Sophia Lagerkrans-Pandey

July 3rd, 2024 0 1

Today we’re thrilled to feature the preezie team on the Semantic Kernel blog. The preezie team will discuss their AI journey, how they’ve integrated the Semantic Kernel SDK to build out their AI solutions and advice they’d give to other customers getting started on their AI journeys. We’ve broken each question for the preezie team into short interview clips below. Let’s dive into the questions we have for the preezie team!

1.) Can you introduce yourself and your role?

The below video series will feature the following individuals:

• Michael Tutek, Founder and CEO, preezie
• Danny Wang, Head of Technology, preezie
• Brandon McLean, Development Lead, preezie
• Danilo Santos da Silva, Senior Software Developer, preezie
• Vic Perdana, ISV AppDev Architect, Microsoft

2.) What has your AI journey been like in general?

preezie’s journey into AI started through a collaboration opportunity with Microsoft. Michael Tutek, highlighted that their engagement began when preezie was invited to the Retail Research Hub in Sydney, where they were captivated by AI and technological advancements being integrated into retail. This encounter spurred prezzie to adopt elements of Generative AI technology, supported by Microsoft’s robust technical and commercial resources. The partnership has advanced as prezzie’s Head of Technology, Danny Wang, spearheaded their exploration into AI about a year ago, when they visited the Microsoft Retail Research Center. Danny also noted how fast AI has evolved in the past year. preezie’s involvement with AI continued by attending Microsoft Build Australia, where they learned more about Copilot and its possibilities.

https://learn.microsoft.com/video/media/bdfde117-7e6c-4a72-8edd-3f6ad3aab3e3/Prezzie%201b%20Your%20AI%20Journey_17199_1920x1080_AACAudio_6775.mp4

3.) What’s the current AI project you’re working on at preezie where you’re using Semantic Kernel?

preezie’s vision for AI is to create a next generation shopping assistant while utilizing Microsoft. They are building out a shopping assistant that aims to bridge the gap between in-store and online shopping by recommending products, answering customer questions, providing advice and providing sizing recommendations to enhance online shopping and provide an experience traditionally found in physical stores.

https://learn.microsoft.com/video/media/5dbe49f3-9193-4e62-b047-fc7e863f9b48/Prezzie%202%20-%20what%20are%20you%20buildin_1920x1080_AACAudio_6793.mp4

4.) How has Semantic Kernel helped you with this project and what has implementation looked like?

Danny Wang highlighted that Semantic Kernel has been instrumental and helped preezie keep up with all of the new AI models and practices. Semantic Kernel ensures that their project remains up to date with the latest advancements in AI technology. They’ve also found tremendous value from the development community and getting responds promptly to queries posted on platforms like GitHub, providing valuable feedback and enhancing their development process. Danilo Santos da Silva highlighted how Semantic Kernel has simplified the development process and allowed the team to write minimal code to obtain results. Semantic Kernel has simplified the complexity of connecting to AI Models, plugins and agents.

https://learn.microsoft.com/video/media/75132bb8-d778-4613-abf5-0c2ca4b33df1/Prezzie%20Ai%203b%20AI%20with%20Semantic%20K_1920x1080_AACAudio_6793.mp4

5.) Were there any major challenges or obstacles you faced during the integration? How did you overcome them?

The preezie team highlighted the complexity of AI and how fast it’s changed as they’ve looked to implement it within their organization. Danny Wang highlighted the lack of knowledge in the beginning and how the team’s assumptions about AI didn’t align with the application of it as this was a solution the team had never worked on before. The constant evolution of models being released made it difficult to keep up. The team faces the daunting task of adapting their processes and codebases to stay current. This necessitates a flexible approach where previous solutions might become obsolete or need substantial modification. Danilo Santos da Silva highlighted timeboxing his experimental time to download new project and see if he could get it working to implement in their project. Brandon McLean highlighted how Semantic Kernel was the solution to the knowledge gap as it provided a framework to drop in and only provide a few inputs to get responses back and prompts working and was great to dive into.

https://learn.microsoft.com/video/media/7409afcb-8f76-430d-8b05-7237835daff5/Prezzie%203a_1720017360247_1920x1080_AACAudio_6819.mp4

6.) What’s your advice to other businesses embarking on their AI journey based on your learnings?

Brandon McLean highlights staying on top of AI learnings as it’s a hot topic, with Microsoft offering excellent tutorials and examples that facilitate getting started. Danilo Santos da Silva highlighted how he was skeptical at first but quickly realized AI’s capability to handle complexity and deliver results efficiently was limited compared to often traditional programming methods. Vic Perdana recommended to start small with experimenting and understand use cases of AI that are applicable to you and then you can implement it for your business.

https://learn.microsoft.com/video/media/9017dbab-7d66-4232-82ee-67c2fde06c9e/Prezzie%204_1720027926010_1920x1080_AACAudio_6788.mp4

For more information about preezie, visit the following links below:

• Website: https://preezie.com/
• LinkedIn: https://www.linkedin.com/company/preezie/
• Facebook: https://www.facebook.com/preezieAU/
• IG: https://www.instagram.com/preezieofficial/
• X: https://twitter.com/PreezieOfficial
• YouTube: https://www.youtube.com/@preezie

From the Semantic Kernel team, we want to thank the entire preezie team for their time. We’re always interested in hearing from you. If you have feedback, questions or want to discuss further, feel free to reach out to us and the community on the Semantic Kernel GitHub Discussion Channel ! We would also love your support, if you’ve enjoyed using Semantic Kernel, give us a star on  GitHub .

Thanks again to the preezie team for their amazing work and partnership!

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The Fastest Growing Am Law 200 Firm Over the Last 5 Years

A look at the firm's growth and strategy is a case study on how a law firm can add market share, climb the rankings, and grow profits, all at the same time.

July 01, 2024 at 05:00 AM

6 minute read

Andrew Maloney

Share with email, thank you for sharing, what you need to know.

• Since 2018, Spencer Fane has grown from 243 lawyers to about 419 and gone from 15 offices in 8 states to 26 offices in 14 states and the District of Columbia.
• The firm's chair said he and his partners are 'agnostic' about growth, though Spencer Fane has done a little bit of everything to expand their reach and add talent.

The fastest-growing Am Law 200 firm by revenue over the last half-decade isn’t necessarily who you’d expect.

Spencer Fane, once a regional firm mostly known in the Midwest, has leapfrogged 21 spots in the Am Law 200 rankings in the last two years to No. 142 this year, generating $266.8 million in 2023. Overall, the Kansas City-founded firm has increased revenue by roughly 139% since 2018, the highest growth percentage of any Am Law 200 firm in the span of time, including among the New York and West Coast elite firms.

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Related Stories

• Spencer Fane Notches 16.5% Topline Growth as Firm Seeks Out More Markets
• Despite Market Uncertainty, Am Law 200 Firms Are Poised for Growth

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Decomposition analysis of carbon emission drivers and peaking pathways for key sectors under china’s dual carbon goals: a case study of jiangxi province, china.

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Jiang, X.; Xie, F. Decomposition Analysis of Carbon Emission Drivers and Peaking Pathways for Key Sectors under China’s Dual Carbon Goals: A Case Study of Jiangxi Province, China. Sustainability 2024 , 16 , 5811. https://doi.org/10.3390/su16135811

Jiang X, Xie F. Decomposition Analysis of Carbon Emission Drivers and Peaking Pathways for Key Sectors under China’s Dual Carbon Goals: A Case Study of Jiangxi Province, China. Sustainability . 2024; 16(13):5811. https://doi.org/10.3390/su16135811

Jiang, Xinjie, and Fengjun Xie. 2024. "Decomposition Analysis of Carbon Emission Drivers and Peaking Pathways for Key Sectors under China’s Dual Carbon Goals: A Case Study of Jiangxi Province, China" Sustainability 16, no. 13: 5811. https://doi.org/10.3390/su16135811

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