The International Accounting Standards Board has published Improvements to IFRS 2008, which sets out non-urgent but necessary amendments to International Financial Reporting Standards. Part I contains amendments that may result in accounting changes for presentation, recognition or measurement purposes. Part II contains amendments that are terminology or editorial changes only. The improvement to IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, deals with a sale plan involving loss of control of a subsidiary. In substance, the entity has disposed of a controlling interest in exchange for a non-controlling interest. If the sale plan meets the held-for-sale criteria, the assets and liabilities of the subsidiary should be reclassified and accounted for as a disposal group in accordance with IFRS 5. On disposal, the new non-controlling interest is measured at fair value.
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