Accounting for discontinued operati

Accounting for discontinued operations is under continuing review. In September 2008, the FASB issued an Exposure Draft, Amending the Criteria for Reporting a Discontinued Operations, the IASB also issued an Exposure Draft, Discontinued Operations, which proposes amendments to IFRS No.5 (discussed later in the chapter) that parallel those outlined in the FASB proposal. The two boards noted that at time, the definitions of a discontinued operation in SFAS No.144 (discussed in Chapter 9) and in IFRS No.5 were not convergent. That is, SFAS No.144 defined a discontinued operation as a component of an entity that has been disposed of or is classified as held for sale provide that (1) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity