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IFRS and US GAAP are largely converged in this area. A long-lived asset (noncurrent asset) or disposal group should be classified as held for sale in the period in which all the criteria set forth in the guidance are met. The six criteria are similar in IFRS (IFRS 5.7 and IFRS 5.8) and US GAAP (ASC 360-10-45-9). A disposal group classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell under both frameworks. Under both IFRS and US GAAP, a long-lived asset (noncurrent asset) is not depreciated while classified as held for sale. Both frameworks similarly require the assets and liabilities of a disposal group classified as held for sale to be presented separately in the asset and liability sections, respectively, of the balance sheet (i.e., those assets and liabilities should not be offset and presented as a single amount).
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