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Asset disposals and discontinued operations


This is a joint project between the IASB and FASB under its short-term convergence project to achieve substantial convergence of IFRS (IAS 35 Discontinuing Operations) with the requirements of US GAAP (SFAS 144 Accounting for the Impairment or Disposal of Long-Lived Assets).

The objective of the overall convergence project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in September 2002.


Current status of the project

This project has been completed. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations was issued on 31 March 2004.


Project milestones

24 July 2003 Exposure Drat ED 4 Disposal of Non-current Assets and Presentation of Discontinued Operations published Comment deadline 24 October 2003
31 March 2004 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations issued Effective for annual periods beginning on or after 1 January 2005


Related Discussions

  • IFRS 3 — Continuing employment

  • Sep 18, 2012

  • The staff recommended that the Committee not add business combinations to its agenda until the post-implementation review of the FASB standard was complete, to avoid creating divergence with the wording of US GAAP on a standard that had previously achieved convergence.

All Related