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Hi Mike!
I actually have an issue with IFRS 5.
-Could you explain why abandoned asset should not be classified as held for sale?
Thanks.
If it’s abandoned, then it’s not held for sale … it’s been abandoned. The owner has walked away and left it to rot / disintegrate / fall apart
For it to be classed as held for sale, it has to satisfy all those criteria – available for immediate sale, actively being marketed at a realistic price and so on
If it’s abandoned then none of those criteria is being satisfied
OK?
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