Significance and Use 5.1 This practice identifies cost-effective sales as a business process of the entity. The central objective is to ensure that assets are sold in a manner best suited to meet the goals of the entity. 5.2 This practice provides options and considerations to take into account to effectively manage the entity’s assets when considering asset sales.Scope 1.1 This practice encompasses how assets may be sold. 1.2 Sales of assets may be done when assets used by the entity are no longer required, or to sell assets acquired for the purpose of sale or re-sale. The objectives of a sale will vary by entity; for instance, the goal may be to facilitate the replacement of assets, to obtain needed funds from sales proceeds, or simply to remove assets from the entity’s control and management. 1.3 This practice does not include sales requirements or restrictions specific to any regulatory body or the various levels of government in which an entity operates. However, this practice provides the entity options for flexibility to best integrate those external requirements. 1.4 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety, health, and environmental practices and determine the applicability of regulatory limitations prior to use. 1.5 This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
