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Annual Improvements to IFRSs 2008

Date recorded:

The staff presented a paper on disclosures required for non-current assets (or disposal groups) classified as held for sale or discontinued operations. This issue was previously discussed at the October 2007 Board meeting at which the Board agreed that:

  • IFRS 5 specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations;
  • Disclosures in other IFRSs do not apply to such assets (or disposal groups) unless that other IFRS specifically requires a disclosure in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations; and
  • Other disclosures about such assets (or disposal groups) may be necessary to comply with the general requirements of IAS 1 Presentation of Financial Statements.

At the October 2007 meeting the Board asked staff to analyse whether it would be burdensome to segregate the information relate to assets held for sale and whether the information produced would be meaningful. The staff have completed this research, and recommended that the Board clarify the disclosure requirements of IFRS 5 though the Annual Improvements Process to reflect the discussion at the October 2007 board meeting. The staff proposed changes to IFRS 5 to reflect the above decisions. The board agreed, subject to editorial changes.

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.