Jupiter's directors made the following decisions during the year ended 31 August 2020: . it disposed of all of its outlets in Switzerland . it rebranded all of its outlets in Malaysia to target the tourism market. The previous target market in Malaysia had been aimed at business clients. At a board meeting on 1 January 20x3, the directors decided to sell an item of plant, which had a carrying value of $4 million at 1 September 2019 and a remaining life of 20 years. The plant is expected to sell for $3.9 million within 12 months. A decision was also made to close down a regional office, which was communicated to the employees before the year-end. 50 employees would be retrained and kept at a cost of $100,000, the others took redundancy and will be paid $300,000. $75,000 is to be spent on marketing materials directing customers of the existing factory to other production facilities operated by the company.

1. Discuss whether the criteria outlined in IFRS 5 were satisfied with respect to the recognition of an asset as held for sale. 2. Discuss whether the change in operations in Switzerland and Malaysia represent a discontinued operation in accordance with IFRS 5 non-current assets held for sale and discontinued operations. 3. At what value should the plant be held at 31 August 2020 in accordance with IFRS 5?