This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Non-current assets and disposal groups held for sale
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations was effective for annual periods beginning on or after 1 January 2005. The standard sets out the requirements for the classification, measurement and presentation of non-current assets held for sale and replaces IAS 35 Discontinued Operations. The Group has applied IFRS 5 prospectively from 1 January 2005.
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.