This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Asset disposals and discontinued operations

Background

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

DateDevelopmentComments
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

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.