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NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Definitions – Appendix A
• Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date.
• A firm purchase commitment is an agreement with an
unrelated party, binding on both parties and usually
legally enforceable, that:
• specifies all significant terms, including the price and timing
of the transactions, and
• includes a disincentive for non-performance that is
sufficiently large to make performance highly probable.
• A non-current asset is an asset that does not meet the
definition of a current asset. Note that current assets
were defined earlier under this heading.
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