Septiembre 2011

Non-current assets and disposal groups classified as held for sale

Non-current assets and disposal groups classified as held for sale

Non-current assets held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, provided that:

• 
  The asset is available for immediate sale in its present condition, and
  

• 
  Its sale is highly probable (specific circumstances are envisaged in order to assess this circumstance).
  

On classification in this category, these assets are measured at the lower of carrying amount (recognising any impairment losses upon classification) and fair value less costs to sell.

While an asset is classified under this heading, it must not be depreciated.

If one of these assets ceases to be held for sale it is reclassified to the balance sheet item that corresponds to its nature and is measured, at the reclassification date, at the lower of its previous carrying amount (adjusted for any depreciation, amortisation or revaluation that would have been recognised had the asset not previously been classified as held for sale) and its recoverable amount.

Non-current assets and disposal groups classified
as held for sale

Disposal groups classified as held for sale

Disposal groups are groups of assets and liabilities (both current and non-current) directly associated with each other that will be disposed of together as a group in a single transaction.

They are measured by applying the same rules as those described in the preceding section.

Leases and other transactions of a similar nature

Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset.

This transfer of the risks and rewards is presumed to have taken place when a purchase option exists and there are no reasonable doubts that it will be exercised. The transfer is also presumed to have taken place, even though there is no purchase option, in the following cases:

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  Ownership of the asset is transferred to the lessee by the end of the lease term.
  

• 
  The lease term is for the major part of the economic life of the asset.
  

• 
  At the inception of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset.
  

• 
  The leased assets are of such a specialised nature that only the lessee can use them.
  

• 
  If the lease is cancelled the lessor’s losses associated with the cancellation are borne by the lessee.