ARTICLE · 20 DECEMBER 2017

Audit Readiness (2) - Non-Current Asset Available For Sale

Deloitte Nigeria

Explore more from Deloitte Nigeria

When an asset is being sold individually, IFRS 5 applies only if it is a non-current asset. When a group of assets is being disposed of in a single transaction, the classification and presentation requirements...

NigeriaAccounting and Audit

Deloitte Nigeria

Author LinkedIn connections

When an asset is being sold individually, IFRS 5 applies only if it is a non-current asset. When a group of assets is being disposed of in a single transaction, the classification and presentation requirements of IFRS 5 apply to the disposal group as a whole.

The subject matter for discussion on audit readiness this week is ' Noncurrent Assets Held for Sale '. This item falls within the scope of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

The audit practitioner would always aim at obtaining sufficient appropriate evidence to provide a reasonable basis for expressing a conclusion in an assurance report about Non-current Assets Held for Sale.

Non-current assets are assets that do not meet the definition of a current asset. An entity classifies an asset as current when:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Validity Of Audit Firm’s Signature On Audit Report – A Critique Of The Supreme Court’s Decision In The Case Of Heritage Bank V. Meens.

NigeriaAccounting and Audit

Alliance Law Firm

Nigeria's 2025 Licensing Round: Beyond The Signature Bonus

NigeriaAccounting and Audit

Udo Udoma & Belo-Osagie

Embracing Hybrid Auditing Models For Better Client Satisfaction In 2024

NigeriaAccounting and Audit

Impact Of International Auditing Standards On Less Complex Entities

NigeriaAccounting and Audit

Legal Audit As A Crucial Response To The Legal And Financial Uncertainties Faced By Organisations In The 21st Century

NigeriaAccounting and Audit

Tope Adebayo LP

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Accounting and Audit
- Audit

Related Comparative Guides

Comparative Guide

Doing Business In

Comparative Guide

Investing In

Comparative Guide

TMT

Comparative Guide

Joint Ventures

See more popular content from

Accounting and Audit

Filing Of Annual Returns In Nigeria

An annual return is a mandatory requirement that must be complied with by every registered company, business name or incorporated trustee in Nigeria. The return is a statutory document...

NigeriaAccounting and Audit

AEKLEY SOLICITORS

Embracing Hybrid Auditing Models For Better Client Satisfaction In 2024

In the early part of this decade, the global landscape was revolutionized by the COVID-19 pandemic which led to a change in companies' business strategy. The pandemic forced the organizations to switch to remote work.

NigeriaAccounting and Audit

Tax Audit And Investigation: What A Taxpayer Should Expect

The recent revenue drive arising from fall in oil prices and the need to diversify Nigeria's revenue away from oil to non-oil sources, such as taxation, has led to increase in the frequency of tax audits and investigations ...

NigeriaAccounting and Audit

Taxaide Professional Services Ltd

COSO - An Approach To Internal Control Framework

The COSO Framework was designed to help businesses establish, assess and enhance their internal control.

NigeriaAccounting and Audit

Deloitte Nigeria

The Federal Reporting Council Of Nigeria Introduces Mandatory Audit Firm Rotation In Public Companies (Joint Audit)

Principle 20 of the Nigerian Code of Corporate Governance 2018 ("NCCG Code"), issued by the Financial Reporting Council of Nigeria ("FRCN") outlines a ten-year period for the rotation of Auditors in public companies.

NigeriaAccounting and Audit

SPA Ajibade & Co

Best Practices For Account Receivable Management

Revenue from sales activities serves as one of the essential sources of a business working capital; therefore, the company is required to manage its accounts receivable arising from credit sales effectively.

NigeriaAccounting and Audit

Industry 4.0: Audit Professionals Of The Future

There is wide debate around the impact that advances in technology in this disruptive era will have on the scope and relevance of the audit of the future.

NigeriaAccounting and Audit

Deloitte Nigeria

Going Concern: Financial Reporting And Audit Considerations

Business entities have many objectives, including making a profit and, to a large extent, maximising stakeholders' interests. Business risks such as a harsh business environment,...

NigeriaAccounting and Audit

Legal Audit As A Crucial Response To The Legal And Financial Uncertainties Faced By Organisations In The 21st Century

Law is one of the most vital factors affecting businesses. Legal audit basically aids the compliance of companies with existing laws that regulate the conduct of their businesses.

NigeriaAccounting and Audit

Tope Adebayo LP

Impact Of International Auditing Standards On Less Complex Entities

Discover the impact of International Standards on Auditing (ISA) on Less Complex Entities (LCEs), and explore the key benefits for stakeholders.

NigeriaAccounting and Audit