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AASB 5 - Non–current Assets Held for Sale and Discontinued Operations
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Additions 
Aus 1.1 
Which entities AASB 5 applies to, ie. reporting entities and general purpose financial reports.  
 
Aus 1.2 
The application date of AASB 5, ie. annual reporting periods beginning 1 January 2005.  
 
Aus 1.3 
Prohibits early application of AASB 5.  
 
Aus 1.4 
Makes the requirements of AASB 5 subject to AASB 1031 Materiality.  
 
Aus 1.5 
Explains which Australian Standards have been superseded by AASB 5.  
 
Aus 1.6 
Clarifies that the superseded Australian Standards remain in force until AASB 5 applies.  
 
Aus 1.7 
Notice of the new Standard published on 22 July 2004.  
 
Aus 1.8 
Clarifies that a requirement in an Australian Standard to restate comparative information does not, of itself, mean that the financial report of the preceding period must be reissued.  
 
Aus 2.1 
The requirements in AASB 5 do not apply to the restructuring of administrative arrangements or administrative activities of government departments.  
 
Aus 2.2 
Clarifies that the disclosure requirements for restructuring of administrative arrangements between government departments are set out in AAS 29 Financial Reporting by Government Departments.  
 
Aus 2.3 
Explains how the discontinuance of an administrative activity of a government department may constitute a discontinued operation from the point of view of the government.  
 
Aus 2.4 
Clarifies that AASB 5 rather than AAS 27 Financial Reporting by Local Governments applies to a restructuring that results in a discontinued operation of the transferor local government.  
 
Aus 42.1 
Transitional paragraph is not to be applied by entities that have previously applied AASB 5. 
 
Deletions  
44 
Effective date of IFRS 5. 
 
45 
Reference to superseded IAS 35 ‘Discontinued Operations’.