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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 205-20 Presentation of Financial Statements Discontinued Operations Discontinued Operations SFAS 144, August 2001 "Accounting for the Impairment or Disposal of Long-Lived Assets" EITF 03-13, 2003 "Applying the Conditions in Paragraph 42 of FASB Statement No. 144 in Determining Whether to Report Discontinued Operations" EITF 87-24, 1987 "Allocation of Interest to Discontinued Operations" The results of operations of (A) or (B) are --> "reported in discontinued operations" --> if both (1) and (2) are satisfied (A) An entity's component that has been "disposed of" (B) An entity's component that is "held for sale" (1) Operations and cash flows are eliminated from ongoing operation (2) The entity does not have significant "continuing involvement" The results of discontinued operations are --> reported as a "separate component of income" --> "before" extraordinary items Recognized gain or loss "on disposal" is --> disclosed either (C) or (D) (C) on the face of income statement (D) in the notes to financial statements |
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Codification Topic 205 Presentation of Financial Statements |
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Subtopics 205-10 Overall 205-20 Discontinued operations |
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Accounting Terms Asset group Component of an entity Operating segment Reporting unit Commodity Continuation of activities Continuing cash flows Disposal group Migration Settlement of a pension or postretirement benefit obligation |
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