Comparison between U.S. GAAP and International ... - Grant Thornton

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Comparison between U.S. GAAP and International Financial Reporting Standards 26 IFRS U.S. GAAP (disposal groups) • An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) has been initiated • The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year except as permitted by ASC 360-10-45- 11 • The asset (disposal group) is being actively marketed for sale at a price reasonable in relation to its © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
Comparison between U.S. GAAP and International Financial Reporting Standards 27 IFRS U.S. GAAP current fair value • Actions required to complete the plan indicate it is unlikely that significant changes to the plan will be made or that it will be withdrawn If at any time the criteria above are no longer met (except as permitted by ASC 360-10- 45-11, a longlived asset (disposal group) classified as held for sale shall be reclassified as held and used in accordance with ASC 360-10- 35-44 (ASC 360-10-45-10). Measurement Measurement of non-current assets (disposal groups) classified as held for sale An entity shall measure a non-current asset (disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell (IFRS 5.15). An entity shall measure a non-current asset (disposal group) classified as held for distribution to owners at the lower of its carrying amount and fair value less costs to distribute (IFRS 5.15A). Recognition of impairment losses and reversals An impairment loss is recognised for any initial or subsequent write-down of the asset (disposal group) to fair value less costs to sell, to the extent that it has not been recognised in accordance with IFRS 5.19 (IFRS 5.20). A gain is recognised for any subsequent increase in fair value less costs to sell of an asset, but not Measurement of long-lived assets (disposal groups) classified as held for sale Similar to IFRS (ASC 360-10- 35-38 through 35-42). © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
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Comparison between U.S. GAAP and International ... - Grant Thornton

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