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Financial statement presentation - Discontinued operations

Date recorded:

Publication of the Exposure Draft

The IASB and FASB have had an ongoing project on discontinued operations on their agenda for some time. The staff discussed with the Board their plan for re-exposing the proposals based on redeliberations from the 2008 exposure draft. The staff believe that the proposals would not be in the scope of the Annual Improvements process and therefore a separate due process document would be required. The staff recommended publishing the exposure draft during Q2 2011 with a 120 day comment period.

However, several of the IASB Board members had concern with this approach. One Board member mentioned that in the revised workplan issued the previous day; this project was not even included as an active project. He had concerns that deciding to issue an exposure draft on a project one day after the workplan was released could subject the Board to criticism from constituents. Other Board members expressed similar concerns, mentioning that the proposed changes were much more significant for those currently applying US GAAP and therefore the IASB should wait and see what feedback the FASB receives from their own exposure draft before deciding how to proceed. They felt any issuance of an exposure draft should not occur before Q3 2011.

The Board unanimously agreed to hold off an issuing an exposure draft until Q3 2011 and monitor what the FASB does in the interim.

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