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What are Assets Held For Sale?Assets Held For Sale refer to Non-current Assets, such as Fixed Assets (real estate, buildings, plants, machinery, vehicles, equipment) or Intangible Assets (goodwill, patents, and trademarks), which an organization wishes to dispose of through sales to other parties. In order to adapt to an ever-changing market environment caused by the emergence of new competing products or the development of more efficient systems, organizations often seek to dispose of (groups of) assets that are no longer suited to the new environment they face. Discontinuing a business operation or deciding to sell a major asset are important commercial events. These decisions are also likely to have a significant effect on an entity's results and net assets. Assets Held for Sale in IFRS 5Both U.S. GAAP (SFAS 144), as well as IAS/IFRS (IFRS 5), mention a number of conditions which need to be met in order to classify an asset as held for sale. Here are the general conditions of IFRS 5 (all of the conditions must be satisfied:
Consequences of Categorization as 'Assets Held For Sale'
Compare with: Contingent Assets | Fixed Assets | Current Assets | Intangible Assets |
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