THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations webinar
Date: 23rd April 2024
Time: 04.00pm-06.00pm
Venue: Virtual Delivery
Overview
When a business (or another entity) plans to sell an asset and/or discontinue a portion of its operations, it may have an impact on its future cash flows, profitability, and overall financial status. As a result, financial statement consumers, particularly investors, should be kept up to date on these developments. That is why the standard, IFRS 5 – Non-Current Assets Held for Sale and Discontinued Operations was issued: to distinguish the results of discontinued operations from the results of ongoing or continuing activities.
IFRS 5 was issued in March 2004 as a replacement to IAS 35 – Discontinuing Operations and applies to annual periods beginning on or after 1 January 2005. The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. In particular, the standard requires:
(a) Assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value less costs to sell, and depreciation on such assets to cease; and
(b) Assets that meet the criteria to be classified as held for sale to be presented separately in the statement of financial position and the results of discontinued operations to be presented separately in the statement of comprehensive income.
The webinar will highlight key aspects of IFRS 5 relating to the following:
- The Scope of the Standard
- Classification of non-current assets (or disposal groups) as held for sale or as held for distribution to owners.
- Non-current assets that are to be abandoned
- Measurement of non-current assets (or disposal groups) classified as held for sale
- Recognition of impairment losses and reversals
- Changes to a plan of sale or to a plan of distribution to owners
- Presentation and disclosure
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
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. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
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).
