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Three (3) conditions which must be present in order to present the result of operation as discontinued operation.

IFRS 5 (non current asset held for sale and discontinued operation) set out the principles governing the measurement and presentation on non current asset that are expected to be realized through sale rather than through continuing use. The standard also deals with reporting the results of operations that qualify as discontinued

A discontinued operation is a component of an entity

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Revision question on IFRS 5 – non-current assets held for sale and discontinued operations.

Atta Kay Ltd has the following assets which it would like to classify under IFRS 5 Non- Current Assets Held for Sale and Discontinued Operations today:

  Carrying Amount today (GH¢million) Open market value today (GH¢million) Estimated selling costs (GH¢million)
Investment properties (at fair value through profit or loss) 62.3 30.9 0.5
Land used as company car park
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