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summary of Accounting Standards Board (AcSB) projects has been prepared for information purposes only.
Decisions reported are tentative and reflect only the current status of discussions on this project, which
may change after further deliberations by the AcSB. Decisions to publish Handbook material are final only
after a formal ballot process. |
Status: IFRS-based Exposure Draft under development.
In May 2008, the AcSB agreed to modify the definition of a discontinued operation to converge with a
proposed change by the IASB and the FASB. An exposure draft is expected in the third quarter of 2008.
Background
Activities to Date
Next Steps
Contact Information
Background
Accounting standards on discontinued operations issued by the IASB, the FASB and the AcSB are converged
except for the definition of a discontinued operation. The IASB and the FASB have agreed to modify their
standards to adopt a common definition. This would be based on the already converged definition of an
operating segment.
Activities to Date
In May 2008, the AcSB agreed to adopt the same definition of a discontinued operation as the IASB and the
FASB since this is a globally converged standard. (The definition of an operating segment in Section 1701,
Segment Disclosures, is the same as that in IFRSs and in US GAAP.)
Next Steps
Staff expects the AcSB exposure draft to be issued in the third quarter of 2008.
Contact Information
Questions or comments on this project should be directed to:
Mark Walsh, FCA
Principal, Accounting Standards
Telephone: +1 (416) 204-3456
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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