IFRS 5

Can asset be classified as 'held for sale' if not sold within one year?

Can asset be classified as ‘held for sale’ if not sold within one year?

International Financial Reporting Standard - IFRS 5: Non-current Assets Held for Sale and Discontinued Operations recognize the fact that events and circumstances may cause the sale of asset to be delayed beyond one year. However, this will not prevent the entity to classify asset as held for sale IF: the events were beyond entity’s control; […]