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We understand that the FASB and IASB have tentatively agreed to a harmonized definition of discontinued operations where the disposal of a component(s) of an entity would be reported in the discontinued operations section of the financial statements only if that component(s) represents an operating segment, as defined in FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information. We also understand
that the National Association of Real Estate Investment Trusts
(NAREIT) has requested that the FASB and IASB complete the due process with respect to the conclusions reached on the harmonized definition of discontinued operations as a separate project rather than to incorporate these conclusions in the Financial Statement Presentation project.
