The Board discussed whether the definition of discontinued operations in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations should be revised to include subsidiaries that meet the criteria to be classified as held for sale on acquisition. An alternative approach had emerged in discussions at the FASB, and the Board asked the staff to present an analysis of that approach at a future meeting.
The Board decided:
- if exemptions were to be provided from the discontinued operations disclosures for subsidiaries that qualify as held for sale on acquisition, similar exemptions should also be provided from the business combinations requirements
- to remain silent on whether the proposed disclosures could be aggregated for some components of an entity that either have been disposed of or are classified as held for sale.
- not to require disclosure of the use of proceeds for components of an entity that either have been disposed of or are classified as held for sale.