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The International Accounting Standards Board publishes two exposure drafts (www.iasb.org.uk).

The International Accounting Standards Board publishes two exposure drafts (www.iasb.org.uk). One, Disposal of Non-current Assets and Presentation of Discontinued Operations, proposes that assets a company expects to sell and that meet specific criteria should be measured at the lower of carrying amount and fair value less selling costs, should not be depreciated and should be presented separately in the balance sheet. It also deals with how, and under what circumstances, an entity would classify as "discontinued" operations with separately identifiable cash flows. If adopted, these proposals would narrow existing differences with U.S. GAAP. Comments are due October 24.

The other ED, Insurance Contracts, proposes guidance for insurance companies required to comply with international financial reporting standards (IFRS) in 2005. Accounting for insurance contracts varies throughout the world and often is inconsistent with accounting practices for other industries. The ED therefore introduces improved disclosures for such contracts and modest improvements to recognition and measurement practices. Comments are due October 31.
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Title Annotation:International
Publication:Journal of Accountancy
Date:Oct 1, 2003
Words:163
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