When must an asset be classified as held for sale under IFRS 5?

An asset must be classified as held for sale under IFRS 5 if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset must be available for immediate sale in its present condition, and the sale must be highly probable. Highly probable means management is committed to a plan, an active program to locate a buyer has begun, the asset is marketed at a reasonable price, and the sale is expected to complete within one year from the date of classification.