- This topic has 1 reply, 2 voices, and was last updated 1 year ago by .
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
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.
Discontinued includes closed. So it will be discontinued in P&L.