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Discontinued Operation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Discontinued Operation

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.
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  • December 8, 2021 at 9:11 am #643086
    Gigakutkha
    Participant
    • Topics: 26
    • Replies: 11
    • ☆

    If an operation is CLOSED during the year, but not disposed of, not classified as held for sale, shall it be classified as a discontinued operation in accordance with IFRS 5?

    IFRS 5 Non-current Assets Held for Sale and Discontinued Operations says
    that a discontinued operation is a component of an entity that has been sold, or
    which is classified as held for sale, and which is:
    ? a separate line of business (either in terms of operations or location)
    ? part of a plan to dispose of a separate line of business, or
    ? a subsidiary acquired solely for the purpose of resale.

    I guess, IFRS 5 does not say anything about closed operations.

    December 8, 2021 at 10:49 am #643119
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3396
    • ☆☆☆☆☆

    Discontinued includes closed. So it will be discontinued in P&L.

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