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• The classification and presentation requirements apply to all recognised non-current assets and to all disposal groups of an entity
• The requirements however do not apply to the restructuring of administrative arrangements of government departments and the restructuring of administered activities of government departments
• The measurement provisions do not apply to the following assets, either as individual assets or as part of a disposal group:
• Deferred tax assets under AASB 112 Income Taxes
• Assets arising from employee benefits under AASB 119 Employee Benefits
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• Financial assets within the scope of AASB 139 Financial Instruments: Recognition and Measurement
• Non-current assets accounted for in accordance with the fair value model of AASB 140 Investment Property
• Non-current assets measured at fair value less costs to sell in accordance with AASB 141 Agriculture
• Contractual rights under insurance contracts as defined in AASB 4 Insurance Contracts

• An entity shall classify a non-current asset (or a disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than continuing use. For this to be the case:
• The asset or disposal group must be available for sale in its present condition
• The sale must be highly probable, which requires management to be committed to a plan to sell the asset or disposal group, and an active program to locate a buyer and complete the plan must be initiated

• Measurement of assets or disposal groups held for sale is at the lower of carrying amount and fair value less costs to sell
• No depreciation for an asset held for sale or included within a disposal group that is held for sale
• An impairment loss is recognised for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell

• On the face of the income statement separate presentation is required for the total of:
• The post-tax profit or loss of discontinued operations and an analysis of certain components
• The post-tax gain or loss recognised in the measurement to fair value less costs to sell or on the disposal of assets or disposal groups held for sale that constitute a discontinued operation
• On the face of the balance sheet separate presentation is required for an asset classified as held for sale, and the assets and liabilities in a disposal group classified as held for sale
• The following disclosures are also required when a non-current asset or disposal group has either been classified as held for sale or sold during the period:
• A description of the non-current asset or disposal group
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• A description of the facts and circumstances of the sale
• The gain or loss recognised upon remeasurement to fair value less costs to sell
• If applicable, the segment to which the non-current asset or disposal group is presented in accordance with AASB 114 Segment Reporting or AASB 8 Operating Segments (operative from 1 January 2009, with early adoption permitted)

• Appendix A – includes defined terms such as discontinued operation and disposal group.
• Appendix B – application supplement regarding extension of the period required to complete a sale