BC80 Two issues of terminology arose in developing the IFRS:

(a) the use of the term 'probable' and

(b) the use of the term 'fair value less costs to sell'. [IFRS 13, issued in May 2011, defines fair value and contains the requirements for measuring fair value.]

BC81 In SFAS 144, the term probable is described as referring to a future sale that is 'likely to occur'. For the purposes of IFRSs, probable is defined as 'more likely than not'. To converge on the same meaning as SFAS 144 and to avoid using the term 'probable' with different meanings in IFRSs, this IFRS uses the phrase 'highly probable'. The Board regards 'highly probable' as implying a significantly higher probability than 'more likely than not' and as implying the same probability as the FASB's phrase 'likely to occur'. This is consistent with the Board's use of 'highly probable' in IAS 39. [IFRS 9 Financial Instruments replaced IAS 39. IFRS 9 applies to all items that were previously within the scope of IAS 39. This paragraph refers to matters relevant when IFRS 5 was issued.]