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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 

 
Developments
  • AASB Developments
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    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
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    • March 2008 
      AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amends paragraph 33, inserts paragraph Aus44B.1 and deletes 44B. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
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    • July 2008 
      AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project amends paragraph 5 and is applicable from 1 January 2009, with early application permitted. 
       
      AASB 2008-6 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project adds paragraphs 8A, 36A and 44C, and is applicable from 1 July 2009, with early adoption permitted.
     
  • IASB Developments
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    • September 2008 
       
      The IASB issued an exposure draft of proposed amendments to IFRS 5 to revise the definition of discontinued operations and require additional disclosure about components of an entity that have been disposed of or are classified as held for sale. The proposals are the result of a joint project by the IASB and the US Financial Accounting Standards Board (FASB) to develop a common definition of discontinued operations and require common disclosures about them.
History
  • July 2004: AASB 5 was issued.
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  • February 2007: AASB 2007-3 makes amendments as a result of the issuance of AASB 8 Operating Segments. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided AASB 8 is also adopted. 
     
  • April 2007: AASB 2007-4 amends paragraph 28 and adds paragraphs Aus42.1 and 43. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005. 
     
  • June 2007: AASB 2007-7 amends paragraph 43 and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005. 
     
  • September 2007: AASB 2007-8 makes amendments as a result of the issuance of the revised AASB 101 Presentation of Financial Statements. It is applicable from 1 January 2009, with early adoption permitted, provided the revised AASB 101 is also adopted. 
     
  • December 2007: AASB 2007-9 makes amendments as a result of the review of AAS 27, AAS 29 and AAS 31. It is applicable from 1 July 2008, with early adoption permitted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.