The proposals are the result of a joint project by the IASB and the US Financial Accounting Standards Board (FASB) to develop a common definition of discontinued operations and require common disclosures about them. The FASB is publishing parallel proposals to amend its standards.
Broadly speaking, discontinued operations are operations that an entity has disposed of or holds for sale. Entities present discontinued operations separately from continuing operations because of the ongoing cash flows that continuing operations will generate.
By adopting a definition for discontinued operations that reflects the definition of operating segments in IFRS 8 Operating Segments, the proposals would also increase consistency between IFRSs and strengthen the basic principle in IFRS 5.
The proposed definition could result in fewer items being recognised in financial statements as discontinued operations than at present. However, the additional disclosures would give information about components of an entity that have been disposed of or are held for sale but do not meet the definition of a discontinued operation.
Printed copies (ISBN 978-1-905590-71-1) will be available shortly, at £10 plus shipping, from the IASC Foundation Publications Department. Those wishing to subscribe to eIFRSs should visit the online shop or contact:
IASC Foundation Publications Department,
30 Cannon Street, London EC4M 6XH, United Kingdom.
Tel: +44 (0)20 7332 2730
Fax +44 (0)20 7332 2749
Email: publications@iasb.org
Press enquiries
- Mark Byatt , Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
Email: mbyatt@iasb.org
- Sonja Horn, Communications Advisor, IASB
Telephone: +44 (0)20 7246 6463,
Email: shorn@iasb.org
Technical enquiries
- Tricia O’Malley, Director of Implementation Activities, IASB
Telephone: +44 (0)20 7246 6929
Email: tomalley@iasb.org
- Peter Clark, Director of Research, IASB
Telephone: +44 (0)20 7246 6451
Email: pclark@iasb.org
- Anne McGeachin, Senior Project Manager, IASB
Telephone: +44 (0)20 7246 6461
Email: amcgeachin@iasb.org
- Nobu Kawanishi, International Fellow, FASB
Telephone: +81 (0)3 5510 2727
Email: nkawanishi@fasb.org