Discontinued Operations
The objective of this project is to develop a common definition of discontinued operations and to require common disclosures related to disposals of components of an entity.
This is a joint project with the FASB. As a result, the FASB expects to amend Subtopic 205-20, Discontinued Operations, of the FASB Accounting Standards Codification™ (originally issued a FASB Statement No. 144, Accounting for Impairment or Disposal of Long-Lived Assets.
Where are we now?
The project, commenced in 2008, is in Stage 4: Developing and Publishing the Exposure Draft of the IASB Due Process.
An Exposure Draft to amend IFRS 5 was published in September 2008 and was open for public comment until 23 January 2009.
Estimated project completion
The current project plan envisages the issuance of the amendments to IFRS 5 in the first quarter of 2010.