Audit of Assets and Of the Activities in the Discontinues Operations

Author:PhD. student Cătălin ALBU

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Keywords:IFRS 5 , not current assets, assets held for sale, classification criteria, abandoned assets, held for use assets, discontinued activities, restructuring provisions

Abstract:
From the accounting point of view, this issue is under the scope of the IFRS 5 (Non – current Assets Held for Sale) and Discontinued Operations, which has been published on 31 March 2004 (with applicability after 1 January 2005). IFRS 5 is part of a series of standards which are the result of a convergence project on short term initiated by the international body in the area together with the American body. The standards replaces IAS 35 Discontinuing Operations and is closer to the spirit of the American norm SFAS (Accounting for the Impairment or Disposal of Long Lived Assets). The purpose of this article is to present the principle fir recognition, measurement and presentation of these items as well as aspects regarding their audit.

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