INTERNATIONAL FINANCIAL REPORTING STANDARDS' (IFRS) APPLICATION PECULIARITIES: A CASE STUDY

This article raises the topical issue of the main aspects of International Financial Reporting Standards (IFRS) 5 "Non-current assets held for sale" and their more logical and structured explanation according to the standard for a more accessible understanding by all stakeholders of this standard, including students, since at the moment IFRS 5 little known and rather difficult to understand. The authors describe the processes of recognition and evaluation of non-current assets held for sale, using the financial statements of the largest Russian company as an example. A brief overview of the effectiveness of its activities is given, indicating the importance of the occupied market share and the representativeness of the results obtained. The write-off procedure for the asset held for sale is presented under this heading, taking into account the particulars of the depreciation process for the assets in question. The study showed that normally a sale of an asset must take place within one year, but this may not always be the case, which is reflected in this article. The conclusion presented results and recommendations which, on the one hand, improve the reliability of the company's financial statement, on the other hand, facilitate the understanding of the accounting area for interested users.