U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 205-20: Presentation of Financial Statements
Discontinued Operations


Principles of Accounting Intermediate Financial AccountingU.S. GAAP Textbook
IFRS,  IFRS Dictionary IFRS U.S. GAAP Comparison IFRS Texbook
Securities Law Library,  Accounting by Topic Accounting Terms Dictionary


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



International Financial Reporting Standards (IFRS)

   IFRS 5: Non-current assets held for sale and discontinued operations


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   Codification Topic 205
   Presentation of Financial Statements
 
Subtopics
 
   205-10 Overall
   205-20 Discontinued operations
 
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



   Other Topics at the Codification 200 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 205: Presentation of Financial Statements
 
ASC Codification Topic 210: Balance Sheet
ASC Codification Topic 215: Statement of Shareholder Equity
 
ASC Codification Topic 220: Comprehensive Income
ASC Codification Topic 225: Income Statement
 
ASC Codification Topic 230: Statement of Cash Flows
ASC Codification Topic 235: Notes to Financial Statements
 
ASC Codification Topic 250: Accounting Changes and Error Corrections
ASC Codification Topic 255: Changing Prices
 
ASC Codification Topic 260: Earnings per Share
 
ASC Codification Topic 270: Interim Reporting
ASC Codification Topic 272: Limited Liability Entities
ASC Codification Topic 274: Personal Financial Statements
ASC Codification Topic 275: Risks and Uncertainties
 
ASC Codification Topic 280: Segment Reporting


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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