The objective of Ind AS 105, Non-current assets held for Sale and Discontinued Operations, is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. In particular, this Ind AS 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 reduced by 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 balance sheet and the results of discontinued operations to be presented separately in the statement of profit and loss. As per the requirements of this standard, an entity must comply with the below-mentioned disclosure obligations:
I. Whether the following has been disclosed by the entity which enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups) to a consolidated amount in the statement of profit and loss comprises the total of the post-tax profit or loss of discontinued operations and the post-tax gain or loss recognised on the measurement to fair value reduced by costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation.
II. Whether the entity has re-presentation the disclosures in para 33 of Ind AS 105 for prior periods presented in the financial statements so that the disclosures relate to all operations that have been discontinued by the end of the reporting period for the latest period presented.
III. Whether the entity has described the amounts for prior periods as having been re-presented when the entity ceases to classify a component of an entity as held for sale.
IV. Whether the results of operations of the component previously presented in discontinued operations in accordance with para 33 to 35 of Ind AS 105 have been reclassified and included in income from continuing operations for all periods presented.
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