(The FASB staff joined the meeting by video link for this session.)
The Board discussed whether to separate the definition of a discontinued operation from the Financial Statement Presentation project in order to issue guidance on this topic on an expedited basis.
The FASB staff noted that this issue needs urgent attention in the United States and that the FASB will most likely address this in a separate project.
The Board members were in two camps. Some Board members pointed out that this is mainly an US issue and that the IASB should not do anything at this stage but to continue to issue the guidance as part of the Financial Statement Presentation project. Other Board members raised the concern that the FASB might come to a conclusion differing from the tentatively agreed definition of discontinued operations (the operating segment criterion) and that this might result in changes to the Financial Statement Presentation project.
Finally, by a majority of 9-5, the Board voted in favour of a separate joint project with the FASB.