Interests held for sale

Learning objectives

• Determine whether the disclosures of the Standard apply to an interest classified as held for sale and whether summarised financial information is exempted.L2

Normative references

• IFRS 12 §5AExcept as described in B17, the requirements of the Standard apply to the interests listed in para. 5 that are classified (or included in a disposal group that is classified) as held for sale or as discontinued operations in accordance with IFRS 5. Paragraph added by the Annual Improvements 2014-2016 Cycle (December 2016), applicable retrospectively for annual periods beginning on or after 1 January 2017 (C1D).
• IFRS 12 §B17When an interest in a subsidiary, a joint venture or an associate (or a portion of an interest in a joint venture or an associate) is classified as held for sale in accordance with IFRS 5, or included in a disposal group that is so classified, the entity is not required to disclose the summarised financial information required by B10 to B16. Paragraph amended by the Annual Improvements 2014-2016 Cycle (C1D).

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

1 question

• A colleague writes: "As soon as an interest in an associate is classified as held for sale under IFRS 5, IFRS 12 no longer applies to that interest." What is the error in this reasoning?L2