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

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withdrawn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