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OK, let me reply. First of all, there are strict conditions to classify asset as held for sale under IFRS 5, so the question is if you met the conditions to classify since you did not sell. Secondly, revise the following article that gives quite a good response:https://www.cpdbox.com...
We have building, which is rented, but last month it was decided to sell it during upcoming 12 months. How I should treat it in my FS? As asset held for sale or as Investment property? We are still renting it many thanks in advance!
Hi Bereket, it depends on what the financial institution wants to do with the property. In most cases, the banks simply sell the property to get cash and thus it is classified as held for sale under IFRS 5. In some cases banks decide to keep the property and earn rentals – then it...