Question

The financial statements for the year ending December 31, 2019, are being prepared by Sha-ada Ltd. The building is being sold by the corporation, and a possible buyer has already been identified. After a study was conducted on December 15, 2019, it was found that the building had dry rot and that significant remediation work would be required. The buyer is willing to wait for the work to be completed, but the sale of the home won't happen until the issue has been fixed. It won't happen until the summer of 2020. Required Can the property be classified as ‘held for sale’ in relation to IFRS 5 Non-Current Assets Held for Sale?

          The financial statements for the year ending December 31, 2019, are being prepared by Sha-ada Ltd. The building is being sold by the corporation, and a possible buyer has already been identified. After a study was conducted on December 15, 2019, it was found that the building had dry rot and that significant remediation work would be required. The buyer is willing to wait for the work to be completed, but the sale of the home won't happen until the issue has been fixed. It won't happen until the summer of 2020. Required Can the property be classified as ‘held for sale’ in relation to IFRS 5 Non-Current Assets Held for Sale?

Added by Katie W.

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