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Sri Lanka Accounting Standardizers 5Noncurrent Assets Held for Sale and Discontinued OperationsB208209210SLFRS 5 (e)concurrent assets that are measured at fair value less costs to sell in accordance

How to fill out slfrs 5

How to fill out SLFRS 5:

1. Start by gathering all the relevant financial information and documents related to the specific situation or event that requires the application of SLFRS 5. This may include balance sheets, income statements, cash flow statements, and any other relevant documentation.
2. Familiarize yourself with the requirements and principles outlined in SLFRS 5. It is important to have a good understanding of the standard to ensure accurate and compliant reporting.
3. Identify and classify the assets or disposal groups that are eligible for presentation as held for sale or discontinued operations. This involves assessing the criteria outlined in SLFRS 5, such as management's intentions to sell, actively marketing the assets, and availability to potential buyers.
4. Measure the assets or disposal groups at fair value less costs to sell. Obtain accurate and reliable valuations for the assets based on market conditions and relevant professional advice.
5. Recognize any impairment losses or reversals for the assets or disposal groups held for sale. This requires evaluating whether there has been a significant adverse change in the asset's fair value or recovery in its estimated value.
6. Disclose the relevant information in the financial statements. Clearly communicate the assets or disposal groups held for sale, the financial impact on the statement of financial position and income statement, and any significant risks or uncertainties related to the disposal.

Who needs SLFRS 5:

1. Companies or organizations that are planning to or have already committed to selling a significant asset or group of assets, or discontinuing a major line of business.
2. Entities that are involved in mergers, acquisitions, or restructurings and are required to account for the assets or businesses to be disposed of separately under SLFRS 5.
3. Financial professionals, auditors, and regulators who need to ensure transparent and accurate reporting of assets held for sale or discontinued operations.

In summary, filling out SLFRS 5 involves gathering relevant financial information, familiarizing oneself with the standard, identifying and classifying eligible assets, measuring them at fair value, recognizing impairment losses if applicable, and providing appropriate disclosures. The standard is needed by companies planning to sell assets or discontinue operations, entities involved in mergers or restructurings, and financial professionals to ensure accurate and compliant reporting.

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What is slfrs 5?

SLFRS 5 refers to the Sri Lanka Financial Reporting Standard 5, which deals with Non-current Assets Held for Sale and Discontinued Operations.

Who is required to file slfrs 5?

Companies in Sri Lanka that have non-current assets held for sale or discontinued operations are required to file SLFRS 5.

How to fill out slfrs 5?

SLFRS 5 should be filled out following the guidelines set forth in the standard, ensuring all relevant information about non-current assets held for sale and discontinued operations is accurately reported.

What is the purpose of slfrs 5?

The purpose of SLFRS 5 is to provide guidelines for the classification, measurement, and presentation of non-current assets held for sale and discontinued operations in financial statements.

What information must be reported on slfrs 5?

Information that must be reported on SLFRS 5 includes details about non-current assets held for sale, their measurement, classification, and the impact of discontinued operations.