BC23 ED 9 proposed that an entity should account for an interest in a joint venture that is classified as held for sale in accordance with IFRS 5.

BC24 During its redeliberation of ED 9 the Board noted that the exposure draft Improvements to IFRSs published in August 2009 had proposed to amend IFRS 5 so as to require an entity to classify as held for sale its interest in an associate, or in a jointly controlled entity, when it is committed to a sale plan involving loss of significant influence or loss of joint control. Those proposals aimed to clarify that all the interest (‘the whole interest’) an entity had in an associate or a joint venture had to be classified as held for sale if the entity was committed to a sale plan involving loss of, significant influence over, or joint control of that interest.

BC25 The Board observed that those proposals were not aligned with the decisions made during the Board’s redeliberation of ED 9 to remove all descriptions that associated the loss of joint control and the loss of significant influence with the term ‘significant economic event’ as introduced in the second phase of the Board’s project on business combinations (see paragraphs BC28-BC31).