IFRIC continued discussing whether it should provide guidance to clarify whether the disclosure requirements of IFRS 7 Financial Instruments: Disclosures and IAS 19 Employee Benefits apply to non-current assets (or disposal groups) classified as held for sale or discontinued operations under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

At the May 2007 meeting staff was requested to confer with the FASB/EITF staff to determine the US experience on the application of FAS 144. Subsequently, the staff had determined that when issuing SFAS 144, the FASB did not address specifically the issue of whether disclosure requirements of other standards would apply to long-lived assets (or disposal groups) to be disposed of or to discontinued operations.

At this meeting, the IFRIC discussed the following alternative views:

• View A: IFRS 5 specifies all the disclosures required in respect of non-current assets classified as held for sale or discontinued operations, together with the requirement of IAS 33 Earnings Per Share paragraph 68 to disclose the amount per share for discontinued operations
• View B: Disclosures required by IFRSs, whose scope does not exclude non-current assets classified as held for sale or discontinued operations, continue to apply to non-current assets classified as held for sale or discontinued operations.

Several IFRIC members agreed that, given the current wording of the Standards, View B was hard to refute although it did appear to be onerous. There was widespread support for the IASB to address this apparent conflict in the Standards via the Annual Improvements process.

The IFRIC reached a tentative decision that this matter should be referred to the IASB for consideration as part of the Annual Improvements process. In doing so, the IFRIC would express a preference for the view that IFRS 5 specifies all the disclosures required in respect of non-current assets classified as held for sale or discontinued operations unless additional note disclosure would be required through application of IAS 1 Presentation of Financial Statements paragraph 30, together with the requirement of IAS 33 Earnings Per Share paragraph 68 to disclose the amount per share for discontinued operations (a modified View A).

The IFRIC Coordinator noted that IFRS 5 and FAS 144 were converged standards. The staff would notify the FASB staff so that any amendment of IFRS 5 could be done in conjunction with a FASB Staff Position on FAS 144.