Under IFRS 5, if the criteria for holding-for-sale classification are met after the balance sheet date but before the financial statements are authorised for issue:
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AThe asset is reclassified in the prior year balance sheet
BThe entity always records the asset as held for sale retroactively
CThe prior period is restated
DThe asset is not classified as held for sale in the financial statements presented; but certain disclosures may be required if significant
✓ Correct answer: C. The prior period is restatedIFRS 5.12: if criteria are met after the reporting period but before the financial statements are authorised, classification as held for sale does not apply to the statements being presented.
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