THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations
Theme: Effective financial reporting in the pandemic era
Date: 12th May 2021
Time: 4.00 – 6.00 PM
Venue /Platform: Virtual
In April 2001, the IASB adopted IAS 35 (discontinuing operations) which had originally been issued by the IAS committee in 1998, consequently in 2004 the board issued IFRS 5 Non-current assets held for sale and discontinued operations to replace IAS 35. This amendment focused on specific guidance of reclassification of assets (disposal group) from held for sale to held for distribution to owners or vise versa or when held for distribution accounting is discontinued.
IFR5 non-current assets held for sale and discontinued operations deals with presentation of discontinued operations in the statement of profit and loss and other comprehensive income. It also covers measurement and presentation of non-current assets (and disposal groups) held for sale in the statement of financial position. Other standards that may have minor sequential amendments to IFRS 5 include IFRS 11 joint arrangements 2011, IFR13 fair value measurement May 2011, presentation to items of other comprehensive income amendments to IAS 1 June 2011 and a few other more.
It is quite evident that the covid 19 pandemic has caused significant economic turmoil that has materially affected financial reporting. The pandemic has resulted in disruption of production, supply chains, labor and all these factors combined adversely affect turnover and profitability. This has resulted to many entities having to face the dilemma of making critical decisions that affect that day-to-day operations and business continuity.
This has therefore created need to focus on IFRS 5 Non-current Assets Held for Sale and Discontinued Operations more so when reporting in this pandemic era. Entities have to determine whether certain non-current assets or disposal groups should or shouldn’t be classified as held for sale under IFRS 5 and also establish existence of any other discontinued operations whose results should be disclosed separately among many other more financial reporting considerations under this standard.
It is against this backdrop that ICPAK has organized this seminar to profoundly discuss critical IFRS 5 considerations while reporting in the pandemic era.
The following topics will form the key areas of discussion in this webinar.
- Scope of IFRS 5
- Identification of Non-current assets and disposal groups
- Measurement requirements and presentation
- Accounting treatment for Non-current Assets Held for Sale and Discontinued Operations
- Disclosure requirements for Non-current Assets Held for Sale and Discontinued Operations
- Criteria for classification as held for sale in IFRS 5
- Impairment of non-current assets within a disposal group
- Practical approached and applicability if this standard
- Presentation of intragroup proceedings between continued and discontinued operations
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 2 Structured CPD Units upon successful completion of the Webinar.
The Webinar charges are Kshs. 1,500. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking. We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory.
NATIONAL INDUSTRIAL TRAINING AUTHORITY (NITA) REIMBURSEMENT:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
We encourage members to regularly visit our website https://www.icpak.com for updates.