IFRS 5 — Disclosures

Date recorded:

The IFRIC discussed whether it should provide guidance to clarify whether the disclosure requirements of IFRS 7 Financial Instruments: Disclosures and IAS 19 Employee Benefits (1998) 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.

After discussion, the IFRIC noted that more analysis was required before it would be in a position to determine whether an Interpretation was required. In particular, IFRS 5 and its FASB equivalent, FAS 144 are 'converged' standards. The staff was requested to confer with the FASB/ EITF staff to determine the US experience on the application of FAS 144.

The IFRIC will discuss this issue again at a subsequent meeting.

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