Items held for rental routinely sold

Learning objectives

• Determine the treatment of assets held for rental to others and then routinely sold.L3, L4

Normative references

• IAS 16An entity that routinely sells items previously held for rental: transfer to inventories at their carrying amount when they cease to be rented and become held for sale; the proceeds from the sale are recognised as revenue (IFRS 15); IFRS 5 does not apply.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

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