Currency of material  
This material was last updated when this standard was released in July 2004.  
 
A list of the omnibus amending standards issued up until July 2007 that have affected this standard since this date is included in the following table. The table also contains the date when the relevant changes become operative. 
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. 
 
Details of the changes made by each omnibus are summarised in ANT and Charter’s “The Panel” as they are released. For a quick overview of the new material applying at 30 June 2007 click here.  

• Introduces the classification of ‘held for sale’; 
   
  
• Introduces the concept of a ‘disposal group’ being a group of assets to be disposed of by sale or otherwise in a single transaction, which transaction will include the transfer of any liabilities directly associated with the assets; 
   
  
• An entity shall classify a non-current asset (or a disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than continuing use; 
   
  
• Measurement of assets or disposal groups held for sale is at the lower of carrying amount and fair value less costs to sell; 
   
  
• No depreciation for an asset held for sale or included within a disposal group that is held for sale; 
   
  
• On the face of the balance sheet separate presentation is required for an asset classified as held for sale, and the assets and liabilities in a disposal group classified as held for sale; 
   
  
• A discontinued operation - is a component of an entity that either: 
  i) has been disposed of; or 
  ii) is classified as held for sale. 
   
  
• A discontinued operation: 
  i) represents a separate major line of business or geographical area of operations and is part of a single co-ordinated plan to dispose of such a line of business or area of operations; or 
  ii) is a subsidiary acquired exclusively with a view to resale. 
   
  
• On the face of the income statement separate presentation is required for the total of: 
  i) The post-tax profit or loss of discontinued operations; and 
  ii) The post-tax gain or loss recognised in the measurement to fair value less costs to sell or on the disposal of assets or disposal groups held for sale that constitute a discontinued operation.