Amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
The objective of this project is to address two decisions that the IASB and the FASB (the Boards) have made in other joint projects:
- On Business Combinations, the Boards decided that non-current assets held for sale should be measured at fair value rather than at fair value less costs to sell (measurement portion of the project).
- On Financial Statement Presentation, the Boards decided to develop a converged definition of discontinued operations and require converged disclosures related to disposals of components of an entity (discontinued operations portion of the project).
This is a joint project with the FASB. As a result, the FASB expects to amend FASB Statement No. 144, Accounting for Impairment or Disposal of Long-Lived Assets.
The project is not part of the Memorandum of Understanding.
Where are we now?
The project, commenced in 2008, is in Stage 1: Setting the agenda of the IASB Due Process. An Exposure Draft to amend IFRS 5 is expected to be issued in the third quarter of 2008.
Further information